Shibburn, the Shiba Inu community-driven burn tracker, recently voiced concerns over the spread of misinformation surrounding SHIB, adding that the founder, Ryoshi, owns $1 billion in SHIB.
In a post on X, the team behind Shibburn said the disclosure comes as a response to growing confusion among media outlets, new investors, exchanges, and the broader crypto community regarding the ownership and control of the Shiba Inu project.
An overwhelming amount of misinformation is being spread about Shiba Inu. It's causing confusion for new investors, blogs, exchanges or any crypto project in general. Please remember that no one controls $SHIB, therefore, it doesn’t have anything official or any tokens linked to…
— Shibburn (@shibburn) October 24, 2023
Shibburn emphasized that no single entity wields control over SHIB, and there are no official tokens. They went on to express reservations about what they perceived as a deliberate campaign to push a contrary narrative.
Shibburn claims they faced a pushback which came in light of Shib Association’s announcement, which, according to them, stirred controversy within the community. The team stressed that they were accused of not following the “vision” set up by Ryoshi, Shiba Inu’s pseudonymous founder.
One interesting revelation in Shibburn’s post was the claim that Ryoshi allegedly possesses $1 billion worth of SHIB, equivalent to more than 10% of the total supply. This disclosure sharply contradicts the previously held belief that Ryoshi held no SHIB.
Shibburn expressed doubt about the “vision” associated with the project and questioned the authenticity of some interactions with Ryoshi. They hinted at the existence of multiple wallets beyond the disclosed one, suggesting a lack of transparency.
Ryoshi Allegedly Holds $1B in Shiba Inu
This claim came from historical data provided by Bubble Maps, an on-chain analytical platform. Bubble Maps claimed in January that the group of wallets allegedly associated with Ryoshi controlled 10% of the SHIB supply, valued at over $1 billion. These claims have been debunked by a Shiba Inu marketing team figure.
🚨 BREAKING: this group of wallets controls 10% of $SHIB supply
Currently valued over $1 billion
What does on-chain data tell us, and is this a cause for concern? 🧵 pic.twitter.com/TEaoz4uCmQ
— Bubblemaps (@bubblemaps) January 20, 2023
According to Bubble Maps’ data, the token accumulation began in August 2020 when 0x1406, the original wallet, purchased a massive amount of SHIB during the token’s initial hours of trading.
Over the next months, 0x1406 gathered 103 trillion SHIB, all for a mere 38 ETH, which was worth $10,000 at the time. This remarkable trade, amounting to a 100,000x return, showed Shiba Inu’s meteoric rise.
As SHIB’s market capitalization soared to $40 billion in 2021, 0x1406 allegedly held $5 billion in assets in a single wallet. In response to this, the wallet’s assets were divided into multiple smaller wallets, and these new wallets have remained dormant, showing no activity since their creation.
Bubble Maps continued to track the movement of these wallets, noting an attempt to scatter funds into smaller wallets to avoid detection. This sparked concerns raised by Bubble Maps, as they questioned the need for such opacity and called for greater transparency.
A few crypto enthusiasts expressed concern over the disclosure, deeming it unnecessary since the wallet has retained the tokens without any sales. They feared that this exposure might attract hackers’ attention.
While Ryoshi has not come up to deny or confirm these claims, the Shiba Inu marketing specialist and community figure Lucie recently dismissed the claims as misinformation. According to Lucie, these wallets do not belong to Ryoshi, having been created in the wake of the 2021 pump.
There is an abundance of misinformation out there, with self-proclaimed blockchain experts and storytellers spreading false narratives. The fact is, blockchain is designed to be anonymous, making it nearly impossible to identify the owners of specific wallets. Unfortunately, this… pic.twitter.com/nofMhnDsIx
— 𝐋𝐔𝐂𝐈𝐄 | ✨Shibarium✨ (@LucieSHIB) October 24, 2023