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Shiba Inu Warns About Fake Telegram Accounts Impersonating Devs

Zabi
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Shiba Inu Warns About Fake Telegram Accounts Impersonating Devs

Shibarmy Scam Alerts, the official Shiba Inu ecosystem scam awareness channel, has warned the community of scammers creating fake Telegram accounts and fraudulent tokens claiming association with Shiba Inu.

Shibarmy Scam Alerts, an account dedicated to identifying and exposing scams, has issued a warning to the Shiba Inu community. This alert opens on an alarming trend where scammers are creating fake Telegram accounts to impersonate official Shiba Ecosystem accounts. On the post, the community is urged to remain vigilant to avoid falling victim to these fraudulent schemes.

Impersonation of Official Accounts on Telegram

Scammers are creating Telegram accounts that closely mimic legitimate Shiba Inu ecosystem profiles. Specifically, they are impersonating the accounts associated with Shibariumnet and Treatsforshib on X. While these handles are genuinely managed by Shiba Inu developers, the Telegram groups with similar names are fraudulent.

Screenshots by Shibarmy Scam Alerts reveal two such groups: “treatsforShib” with 92 members and 21 online at the time of the alert, and “Shibarium Network (chat)” with 320 members and 38 online at the same time.

These groups contain pinned messages and content related to Shiba Inu cryptocurrency activities, making them appear credible to mislead many unsuspecting users.

It is also crucial to recall that the report came a day after Shibarmy Scam Alerts cautioned Shiba Inu community members about fake SHIB airdrops, emphasizing no official SHIB airdrops are currently available. They warn users against connecting wallets to fraudulent websites in an attempt to claim these airdrops.

Developer’s Alert on Fraudulent Token Launches

The situation has escalated to the point where Shiba Inu’s lead developer, DaVinci, recently issued another stark warning to the community.

DaVinci pointed out that scammers are launching tokens under false claims of involvement with Shiba Inu developers and the future of Shibarium. These deceitful individuals have transitioned from misusing Ryoshi Research mediums to exploiting Shiba State and Canine code. 

Alarmingly, they also post the shib.io address in their promotional materials to lend false legitimacy to their operations. DaVinci cautioned that the Treat token has not yet been launched, and any tokens claiming association with it are fraudulent.

He urged the community to conduct thorough research before engaging with any new tokens, as Shibaswap’s decentralized nature limits the ability to ban these deceptive tokens.

Meanwhile, as of the latest data, Shiba Inu (SHIB) is priced at $0.00002509 with a 24-hour trading volume of $424,633,454.08. This represents a 2.67% decline in the last 24 hours and a 3.41% decline over the past week. 

Tezos Records Immense Growth Across Multiple Sectors in 2024

Sam Wisdom Raphael
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Tezos Records Immense Growth Across Multiple Sectors in 2024

The Tezos blockchain ecosystem demonstrated substantial growth across multiple sectors in the first quarter of 2024, according to a recent report by Messari. 

Per the report, Tezos observed impressive growth in gaming, development, financial metrics, and network usage. Notably, the developments spotlighted in the report were an obvious testament of Tezos’ expanding ecosystem.

Tezos Gaming Sector Growth and Network Upgrades 

For one, the gaming sector commanded significant growth. Data confirmed that active gaming addresses increased by 558% quarter-over-quarter (QoQ), reaching 97,000 in Q1 2024. 

Further, citing on-chain data, Messari confirmed that the social gaming application Coin Blast was particularly successful, peaking at 36,000 active users in January. The strategy sports game Cricket Stars also gained traction with 8,000 peak active users in March. 

Meanwhile, Tezos maintained its position as a top blockchain for developers, ranking 30th and boasting 250 developers by the end of 2023. The network successfully implemented the Oxford 2 protocol upgrade, which introduced private rollups and improved staking protocols. 

In addition, the Paris protocol upgrade, which was slated for launch this month, is expected to further enhance the network with 10-second block times, adaptive issuance, and a new Data Availability Layer (DAL). Notably, Paris launched on June 4. 

Messari also called attention to Etherlink, a non-custodial, EVM-compatible layer-2 network powered by Tezos Smart Rollups. The chain is set for its mainnet beta launch in Q2 2024. This development promises to attract Ethereum-based developers by offering a fast, low-cost, and secure platform.

Financial, Market and Network Growth

On the financial aspect, Tezos’ market capitalization crossed the $1 billion mark in Q1 2024, reaching approximately $1.4 billion. This reflected a 50% increase QoQ. This growth was partially driven by the launch of Bitcoin ETFs in January, which triggered interest from traditional investors.

Tezos (XTZ) saw a 38% price increase in the first quarter of the year, closing the quarter at $1.4. Also, despite a 16% decrease in transaction fees collected (totaling 19,000 XTZ), the increased price of XTZ led to a 16% rise in the USD value of these fees, amounting to $22,500.

Meanwhile, on network metrics, Tezos recorded a yearly high in monthly active addresses in March 2024, with over 75,000 unique addresses interacting with the network. The average monthly active addresses rose by 37% QoQ to 70,000. New addresses also saw significant growth, with an average of 44,000 new addresses each month, up 50% QoQ.

Smart contract calls increased by 17% QoQ, reaching 4.6 million in Q1 2024. Total network activity, encompassing both contract calls and transactions, grew by 8% to 8.7 million interactions. Per the report, this rise in activity was driven by applications built on Tezos rather than simple XTZ transfers.

Tezos Ecosystem and Development Highlights

Several new projects and partnerships bolstered the Tezos ecosystem. The Tezos Foundation granted funds to various infrastructure projects, including Sign-in-with-Tezos and Blockscout. Tezos developers also demonstrated solutions like biometric signing on Android and new UX improvements for ticket transfers to smart contracts.

The ecosystem saw notable growth in the decentralized finance (DeFi) sector, with total value locked (TVL) in USD increasing by 28% QoQ to over $78 million. Moreover, Etherlink’s upcoming launch is expected to facilitate the deployment of EVM-compatible protocols on Tezos, attracting developers and liquidity from other networks.

HULK Meme Coin Experiences 80% Decline After Hulk Hogan’s Tweets Disappear

Mark Brennan
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HULK Meme Coin Experiences 80% Decline After Hulk Hogan’s Tweets Disappear

Solana-based meme coin HULK collapsed by 80% after renowned American wrestler Hulk Hogan deleted earlier tweets promoting the coin.

Hogan is now embroiled in controversy after allegedly leveraging his brand to promote the HULK meme coin via his social media handles. The posts, which he later deleted, raised suspicions of insider trading as the action led to a dramatic 80% drop in HULK’s value within 15 minutes.

Prominent Chinese reporter Colin Wu called attention to this development in a post on X.

In one of the initial tweets, Hogan declared that no rival could match HULK; “not even your mother,” he asserted. Another swiftly deleted tweet boasted, “HULK breaking records, the real champion.”

Expectedly, these tweets caused an initial surge of interest and excitement among his followers and the broader crypto community.

However, the situation took a sharp turn when Hogan suddenly deleted all related content from his X account. Despite the deletion, the controversial tweets remained visible in Google’s cache, allowing the public to access the statements.

Hulk Hogan Deleted tweets
Hulk Hogan Deleted tweets

Hogan Denies Promoting HULK Meme Coin

In response to the unfolding scandal, Hogan took to Instagram to address his followers directly. He acknowledged the concerning situation and clarified that he had not posted anything on his Twitter account that day. Hogan further urged his fans to disregard the unauthorized tweets, assuring them that the posts were promptly deleted.

Supporting Hogan, Matt Binder, host of ScamEconomy, noted that suspicions of potential manipulation had arisen even before Hogan’s clarification. According to Binder, crypto enthusiasts had already noticed inconsistencies in Hogan’s social media activity.

Insider Trading Allegations

Amid the chaos, Bubblemaps data revealed that an insider had purchased 15% of HULK’s supply prior to Hogan’s tweets. A report pointed out that the insider implicated in the crash realized a massive 812-fold return from trading HULK.

The investor reportedly utilized a modest investment of 7.1 SOL, equivalent to approximately $1,200, to purchase 190.2 million HULK across four newly created wallets. Subsequently, they liquidated their stake for 5,760.7 SOL, yielding nearly $979,000.

This rapid disposal of assets triggered a significant reduction in HULK’s market capitalization, which plummeted from $17 million to merely $9.0k, as documented by Dexscreener. Presently, the trading value of the HULK coin stands at $0.00001007.

Although the full extent of Hogan’s involvement in the coin’s dramatic decline is still uncertain, this incident has illuminated the inherent risks associated with celebrity-backed cryptocurrencies.

Shiba Inu Marketing Lead Calls SHIB a 100% Safe Crypto

Albert Brown
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Shiba Inu Marketing Lead Calls SHIB a 100% Safe Crypto

Shiba Inu ecosystem marketing lead Lucie considers Shiba Inu as well as its ecosystem tokens BONE and LEASH to be 100% safe. 

Lucie made this assertion in a recent post on X, noting that she disclosed this to individuals asking her for recommendations on assets that are completely safe for investments. According to her, each time she received this question over the last week, she mentioned SHIB, BONE and LEASH. 

Shiba Inu has come a long way since its launch four years ago, having deleted five leading zeros from its price within this period. Calling attention to its success and current market position, Ethereum researcher Justin Drake asserted that SHIB is of more quality than the multiple meme coins on Solana.

Despite its success, the canine-themed asset has not escaped criticisms. Lucie’s latest commentary is an attempt toward reaffirming Shiba Inu’s position as a worthy investment.

Moreover, Lucie recently addressed the criticisms and FUD surrounding the ecosystem team and its products. She assured proponents of SHIB’s resilience, affirming its endurance amidst adversities. The ecosystem marketing lead quoted Winston Churchill to drive home her point. She emphasized the importance of focusing on progress rather than distractions.

Shiba Inu Developments and Market Position

Meanwhile, the ecosystem team has made considerable progress toward transforming Shiba Inu into a robust ecosystem amid multiple developments to solidify its spot as a market contender. 

Some of these developments this year include an upcoming layer-3 blockchain, enhancement of the existing layer-2 network Shibarium, and the introduction of SHIBidentity. In addition, the team has transitioned the ecosystem DEX ShibaSwap to Shibarium and launched the SHEboshis project.

Amid these developments, the price of Shiba Inu currently stands at $0.00002528, experiencing a marginal decrease of 0.95% over the last 24 hours. Despite this, its position above the pivotal $0.000025 territory could be leveraged by the bulls for another attempt at setting up an uptrend.

Moreover, the Relative Strength Index (RSI) stands at 51.22, reflecting a neutral market sentiment. Shiba Inu appears to be neither overbought nor oversold, indicating a state of equilibrium. Nonetheless, the current RSI shows SHIB still has room for further price growth.

SEC Faces Lawsuit from ASA Over Lack of Compliance with FOIA Requests

Zabi
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SEC Faces Lawsuit from ASA Over Lack of Compliance with FOIA Requests

The ASA is suing the SEC for not complying with FOIA, seeking transparency on enforcement actions, and withholding documents related to broker-dealer penalties.

The American Securities Association (ASA) has launched legal action against the U.S. Securities and Exchange Commission (SEC) over allegations of non-compliance with the Freedom of Information Act (FOIA). Eleanor Terrett, a Fox Business journalist, disclosed the development .

The ASA contends that the SEC has been opaque in its enforcement activities and has not responded adequately to FOIA requests, particularly regarding settlements imposed on broker-dealers.

Lack of Transparency in SEC Enforcement Actions

The ASA’s lawsuit, filed for declaratory and injunctive relief, criticizes the SEC for a perceived lack of transparency. According to the complaint, the SEC began investigations in the fall of 2021 into broker-dealers’ retention of “off-channel” communications, such as text messages on personal devices. 

These investigations led to substantial penalties, amounting to billions of dollars, on various broker-dealers. The ASA questions the SEC’s decision-making process, citing a lack of clear criteria for how penalties were calculated and the rationale behind targeting specific entities. The complaint highlights the need for transparency to build trust and promote fair dealing in the financial markets.

SEC’s Response to FOIA Requests

In response to the ASA’s FOIA requests for records related to these settlements, the SEC has invoked Exemption 7(A) of the FOIA, which allows withholding documents that could interfere with ongoing or prospective enforcement proceedings. However, the ASA argues that this exemption is inapplicable because the documents pertain to settled proceedings. 

The ASA maintains that the SEC’s refusal to release these documents, citing potential future enforcement actions against unrelated entities, sets a problematic precedent that could enable indefinite withholding of information. The SEC’s justifications have been described as generic and insufficient, failing to meet the high burden required to withhold documents under FOIA.

Impact on Financial Institutions and Public Trust

The ASA emphasizes that federal securities law is built on the principle of transparency, which is crucial for maintaining public trust and confidence in financial markets. The association’s mission includes promoting trust among investors and supporting efficient, balanced capital markets. 

By failing to disclose the requested records, the ASA argues that the SEC is not only violating FOIA but also undermining these foundational principles of transparency and accountability.

The lawsuit seeks to compel the SEC to fulfill its legal obligations and provide the requested documents, thereby ensuring that the public can scrutinize and understand the agency’s enforcement actions.

This lawsuit comes amid heightened scrutiny of the SEC, highlighted by a recent exchange between CNBC’s “Mad Money” host Jim Cramer and SEC Chair Gary Gensler.

In a viral video, Cramer told Gensler that the SEC lost its case against Ripple Labs, suggesting dissatisfaction with the outcome. This incident has further fueled discussions about the SEC’s enforcement strategies and transparency.

Ripple Offloads 150,000,000 XRP to Anonymous Wallet, More Massive Dump Incoming

Abdulkarim Abdulwahab
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Ripple Offloads 150,000,000 XRP to Anonymous Wallet, More Massive Dump Incoming

Ripple offloads 150 million XRP, valued at over $78 million, after reserving 400 million tokens during this month’s escrow unlock.

In a recent post on X, market tracking platform Whale Alert called attention to Ripple’s latest massive XRP movement. Per the update, the American payment firm dispatched 150,000,000 XRP to the anonymous wallet at 02:08 UTC today.

The magnitude of this transaction has fueled speculation about Ripple’s strategic intentions. In particular, the movement of 150 million XRP sparked concerns from market observers about Ripple dumbing XRP. 

Ripple Moves to Dump 150M XRP

Interestingly, an earlier report by The Crypto Basic hinted that the prominent payment firm could be liquidating up to 400 million XRP this month. This follows Ripple’s movement of 200 million XRP, valued at around $104.1 million, from the “Ripple 24” wallet to its primary operating wallet, “Ripple 1,” on June 1 during the 1 billion XRP unlock from escrow.

On the same day, Ripple transferred another 200 million XRP from the dormant wallet “Ripple 35” to “Ripple 1.” Following these transactions, Ripple’s spendable wallet accumulated 400 million XRP.

Now, the payment firm has already offloaded 150 million XRP from the stockpiled fund to an external destination, suggesting a cash-out transaction. Essentially, the crypto community could witness more outbound XRP transactions from Ripple to unidentified addresses in the next few days, with 250 million XRP left in the Ripple 1 spendable wallet.

410,239,560 on the Move

Meanwhile, Ripple is not the only entity orchestrating significant XRP movements recently. Whale Alert tracked a Binance wallet transferring 26,284,136 XRP, equivalent to $13.75 million, to an unknown wallet at 07:00 UTC today.

This transaction was followed by a 25.42 million XRP transfer from the exchange to another anonymous address. Additionally, 18 hours ago, Binance offloaded $14 million worth of XRP to an undisclosed destination.

Likewise, the previous day saw two notable transactions involving the Japanese cryptocurrency exchange Coincheck. At 16:04 UTC, 61,117,000 XRP, worth $32 million, was moved from an unknown wallet to Coincheck’s wallet.

Shortly after receiving this substantial amount, Coincheck offloaded nearly the same quantity, 61,142,691 XRP, valued at $32 million, to a different unidentified wallet. Other inbound transfers, collectively worth 58.7 million XRP, were observed with Bitstamp and Bitso exchanges.

Cumulatively, within the last 24 hours, 410,239,560 XRP worth over $213 million have been on the move, involving prominent entities such as Ripple, Binance, Coincheck, Bitstamp, and Bitso.

Here’s How Much Shiba Inu You Need to Make $10 Million if SHIB Hits $0.0005 and $0.005

Abdulkarim Abdulwahab
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Here’s How Much Shiba Inu You Need to Make $10 Million if SHIB Hits $0.0005 and $0.005

Investors targeting $10 million from Shiba Inu with price goals of $0.0005 and $0.005 require modest initial investments.

In the last few days, Shiba Inu saw renewed interest from the crypto community when it reclaimed a two-month high. However, at a market value of $0.00002438, SHIB’s cumulative performance over the last seven days flattened out.

Yet, at its current floor price, Shiba Inu boasts a yearly return of over 180%, a significant increase from its value of $0.000008597 a year ago. This essentially affirms the asset’s potential as a worthy investment on a longer-term scale. 

Prominent experts have attested to Shiba Inu’s potential to rise to price levels of $0.0005 and $0.005 in the coming years. For investors aiming to become multi-millionaires, it is crucial to understand the amount required to achieve targets like $10 million should Shiba Inu reach these projected price levels.

Shiba Inu Needed to Make $10M if SHIB Hits $0.0005

To realize $10 million through Shiba Inu, assuming the asset reaches $0.0005, an investor would need to hold 20 billion SHIB tokens. 

As of June 2, 2024, acquiring a Shiba Inu portfolio of 20 billion tokens costs $487,600. However, this investment stands to expand by 1,950% should SHIB attain $0.0005.

While the prospect of Shiba Inu reaching a value of $0.0005 is enticing, it’s important to consider the feasibility and timelines of such a milestone. 

Market analyst Big Mike recently predicted Shiba Inu could reach $0.0005 by next year, citing the completion of a fifth Elliott Wave on the weekly chart.

Meanwhile, prediction platform Telegaon stated Shiba Inu may attain a maximum value of $0.000588 by 2029. On the other hand, Changelly analysts suggested a 2031 date for a similar target to materialize. None of these predictions should be taken as investment advice.

Shiba Inu Needed to Make $10M if SHIB Hits $0.005

With the price goal of $0.005, an investor aiming for a $10 million return from Shiba Inu would need to acquire 2 billion SHIB tokens. To make this investment, one must commit a more modest sum of $48,760. 

Although this amount is more accessible, the time it may take to see a return of $10 million from such an investment could be considerably longer.

For instance, Changelly and Telegaon researchers suggest it could take nearly 20 years for SHIB to reach $0.005. ChatGPT assigns an 80% confidence level to this timeline. Conversely, Google’s Gemini considers the goal unattainable.

Reaching $0.0005 and $0.005 Through Yearly 100T SHIB Burn

Factors that could ease Shiba Inu’s journey toward the $0.0005 and $0.005 price levels include the level of demand and burn rate. Consequently, community members eagerly anticipate a future where Shiba Inu’s layer-2 blockchain, Shibarium, contributes significantly, such as burning 100 trillion SHIB tokens annually.

As evaluated by The Crypto Basic recently, the 100 trillion burn rate could reduce the supply to 39 trillion SHIB by 2030. This reduction in supply could help bolster Shiba Inu’s chances of reaching $0.005, corresponding to a $195 billion market cap.

With a circulating supply of 1 trillion SHIB by 2031, the price could reach $0.025 with a $25 billion market cap. However, these burn rates and subsequent price targets are ambitious and speculative.

Will Shiba Inu, XRP Benefit as This $1.6T Asset Manager Sets to Invest in Altcoins

Abdulkarim Abdulwahab
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Will Shiba Inu, XRP Benefit as This $1.6T Asset Manager Sets to Invest in Altcoins

Prominent altcoins like Shiba Inu and XRP may benefit significantly as Franklin Templeton, a firm managing $1.6 trillion in assets, considers investing in altcoins beyond Bitcoin (BTC) and Ethereum (ETH).

Recently, insider reports reveal that the Silicon Valley-based firm Franklin Templeton is contemplating launching a new cryptocurrency-focused investment fund. This fund, tailored for institutional investors, would potentially include a diverse range of cryptocurrencies other than the dominant BTC and ETH. 

Notably, Franklin Templeton is among several traditional finance behemoths entering the virtual asset industry to offer crypto investments as well as investments in tokenized assets.

In January, the firm launched a Bitcoin spot exchange-traded fund (ETF) in the U.S. alongside BlackRock and Fidelity. This Bitcoin investment product now boasts over $350 million under management. Following this success, Franklin Templeton has decided to list a similar product for Ethereum. 

If the proposed crypto altcoin fund comes to fruition, it may include staking rewards, according to anonymous sources. Notably, this feature is absent in last month’s approval for spot Ethereum ETFs.

In 2021, Franklin Templeton pioneered a tokenized U.S. government bond fund on the Stellar (XLM) network, a move that predated similar initiatives by BlackRock. 

Altcoins like Shiba Inu and XRP Hoped as Targets

Franklin Templeton’s potential expansion into the altcoin market has sparked optimism among community analysts about the market’s growth prospects.

While the specific altcoins the fund might target have not been disclosed, market participants are particularly optimistic about large-cap tokens such as Solana (SOL) and XRP. Interestingly, members of the meme coin community are also hopeful about Shiba Inu’s prospects.

Solana and XRP easily emerge as potential targets, considering their prominence in the crypto market and widespread appeal. Discussions in the crypto community about the next crypto asset ETF after Ethereum have frequently revolved around SOL and XRP. 

Similarly, meme coins such as Shiba Inu are also considered potential beneficiaries of Franklin Templeton’s move amid their appeal to retail and institutional players.

Evidence of this institutional appeal is seen in reports that venture capital firms like Symbolic Capital Partners and SCP Ventures have incorporated Shiba Inu into their digital asset portfolios.

Ethereum Researcher Says Shiba Inu Quality Overcomes Thousands of Meme Coins

Zabi
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Ethereum Researcher Says Shiba Inu Quality Overcomes Thousands of Meme Coins

Ethereum researcher Justin Drake highlights Shiba Inu market cap and quality, noting that it surpasses thousands of meme coins including those on Solana.

During a recent interview organized by Bankless, Ethereum researcher Justin Drake highlighted the exceptional position of Shiba Inu in the memecoin market. Joined by Anatoly Yakovenko, co-founder of Solana, and David Hoffman of Bankless, the discussion focused on the strengths and weaknesses of various blockchains. 

Drake underscored a critical distinction between Shiba Inu and other meme coins. While Solana host multiple meme coins collectively valued at around $10 billion, Shiba Inu alone commands a market cap of $15 billion. According to him, this comparison shows Shiba Inu’s superior quality and substantial market influence despite being a single token among many.

Battle for Memecoin Supremacy

Shiba Inu (SHIB) remains a dominant force in the meme coin market, second only to Dogecoin (DOGE). Despite recent declines of -0.43%, -1.68%, and -2.38% over the past hour, 24 hours, and 7 days respectively, SHIB holds a market cap of nearly $15 billion. Its historical performance, marked by growth and community support, sets it apart from newer entrants. 

In comparison, Solana-based meme coins like Bonk (BONK) and Dogwifhat (WIF) are emerging players facing higher volatility. BONK, priced at $0.00003207, has seen declines over the past week, reflecting the instability common in newer meme coins.

Similarly, WIF, traded at a higher price of $3.31 per coin, shows negative trends but maintains a market cap of $3.3 billion. While these coins have garnered initial interest, they must establish consistent performance and utility to challenge SHIB’s dominance.

Shiba Inu vs. Solana Performance

Despite Shiba Inu witnessing declines in recent days, its long-term performance remains notable. Shiba Inu’s peak price of $0.00008616, recorded in October 2021, still serves as its all time high.

SHIB SOL NEW11111101
Shiba Inu vs Solana Price Action

However, a comparative analysis by CoinMarketCap over a one-week period from June 1 to June 7 revealed that Solana (SOL) generally outperformed Shiba Inu (SHIB). SOL consistently stayed above 0%, demonstrating a steadier upward trend with moderate fluctuations, and ended the period up by about 4%.

In contrast, SHIB exhibited more volatility, experiencing sharp declines and partial recoveries, and concluded the period down by around 2%.

Strong Investor Interest and Regulatory Resilience

Reports further indicate that Shiba Inu has garnered significant interest from American investors, towering over other major cryptocurrencies like Solana (SOL) and Cardano (ADA).

According to a ConsenSys survey reported by The Crypto Basic, 17% of American crypto investors have invested in Shiba Inu, ranking it sixth among the most popular crypto assets in the United States.

This trend is further reflected in Shiba Inu’s trading volume, which reached $13.4 billion in March, surpassing prominent competitors such as Dogecoin, Solana, XRP, and BNB.

In addition, despite regulatory uncertainties that led Bakkt to delist other high-value cryptos like Cardano, MATIC, and Solana, Shiba Inu survived the delisting. Bakkt’s general counsel, Marc D’Annunzio, explained the company’s conservative approach in reducing its token offerings. However, Shiba Inu secures a listing alongside Bitcoin and Ethereum.

Here are Number of Zeros Shiba Inu Deleted Per Year Since 2020

Sam Wisdom Raphael
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Here are Number of Zeros Shiba Inu Deleted Per Year Since 2020

Shiba Inu has deleted multiple leading zeros since launch, making it one of the most profitable cryptocurrencies for any early investor to hold.

Yescas Rigo, a Shiba Inu community member, recently called the public’s attention to this reality, presenting data on SHIB’s historical performance since its launch. While most market participants are aware of Shiba Inu’s rich history, not many individuals grasp the magnitude of its monumental price rally from 2020 to 2021.

SHIB Grossly Underestimated

The table presented by Yescas provides insights into this, detailing the multiple leading zeros that Shiba Inu deleted along the journey toward prominence. Launched in August 2020 by the pseudonymous Ryoshi, SHIB was initially regarded as another cheap knockoff of the original meme coin Dogecoin (DOGE).

Interestingly, Ethereum co-founder Vitalik Buterin also had this sentiment toward Shiba Inu. Recall that Ryoshi gifted Buterin half of the entire SHIB supply (about 500 trillion tokens) upon the token launch. The Ethereum co-founder burned 410 trillion tokens and sent the rest to charity. 

In a recent interview, Buterin disclosed that the reason he made this decision was that he believed Shiba Inu would end up as one of those meme coins that receive initial hype and then suddenly drop to nothing. As a result, he wanted these charities to cash in on the holdings before this imminent collapse.

Shiba Inu Has Deleted Five Leading Zeros Since Launch

Buterin revealed that Shiba Inu outperformed his expectations. This sentiment is shared by several industry pundits who downplayed SHIB’s growth. Notably, since its launch in 2020, Shiba Inu has deleted five leading zeros from its price, according to the table presented by Yescas. Market data from CoinGecko also confirms this.

Based on its initial public trading price, SHIB changed hands at $0.000000000972 in August 2020. It eventually added one more leading zero due to a price collapse following its launch. This volatility further compounded concerns that it would crash like a typical meme coin.

However, Shiba Inu began 2021 with bullish momentum, taking out two leading zeros, as it traded for $0.00000000505 in January 2021. SHIB retained this bullish momentum throughout 2021, with the uptrend sustained by the bull market of that year.

SHIB hit an ATH of $0.000088 in October 2021, having deleted five leading zeros since launch. At its ATH in 2021, Shiba Inu had rallied 9,119,241% in two years, making it one of the best performing crypto assets of all time. 

Though Shiba Inu has dropped 71% from the ATH at its current price, it still holds only four leading zeros. At its current price of $0.00002522, SHIB is still an all-time best performer, currently up 2,594,550% since launch. Riding against the initial bearish sentiments, Shiba Inu is still contesting for top 10 four years after launch, demonstrating its resilience and longevity.

Some analysts have projected SHIB to delete one or two more zeros in the near future. For instance, SHIB Knight recently predicted that Shiba Inu could reach $0.0001 this month. Meanwhile, Armando Pantoja expects SHIB to hit $0.001 in this bull run.

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