Shibburn, a community-driven burn tracker for Shiba Inu, has recently made some bold claims regarding the SHIB holdings of the project’s founder, Ryoshi.
According to Shibburn, Ryoshi allegedly possesses $1 billion worth of SHIB, which amounts to more than 10% of the total supply. This revelation has raised concerns within the Shiba Inu community, with questions swirling about transparency and the accuracy of the allegations.
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
Read Also: Proof: Shiba Inu (SHIB) Founder Ryoshi is Closely Related to Vitalik Buterin, CCP, Wanxiang
The basis for Shibburn’s claim lies in historical data provided by Bubble Maps, a renowned on-chain analytical platform. Bubble Maps asserts that a group of wallets allegedly associated with Ryoshi controlled 10% of the SHIB supply back in January 2023. However, these claims have since been refuted by a Shiba Inu team member.
Bubble Maps’ data tracks the token accumulation process, which reportedly began in August 2020. During the initial hours of trading, a wallet identified as 0x1406 made a significant purchase of SHIB.
This wallet acquired a staggering 103 trillion SHIB for the relatively small price of 38 ETH, which amounted to just $10,000 at the time. This trade marked an astonishing 100,000x return and signified the meteoric rise of Shiba Inu.
As SHIB’s market capitalization surged to $40 billion in 2021, the same wallet, 0x1406, allegedly held $5 billion in assets. In response to growing concerns, the assets were divided into multiple smaller wallets, all of which have remained inactive since their creation.
Bubble Maps has diligently traced the movement of these wallets and noted attempts to scatter funds into smaller ones in an effort to evade detection. This opacity has become a cause for concern raised by Bubble Maps, as they advocate for more transparency within the Shiba Inu project.
However, not all crypto enthusiasts are convinced that such disclosure is necessary, given that the wallets in question have held the tokens without any sales. There are worries that this exposure might attract the attention of hackers.
Read Also: Ryoshi Deletes All Tweets and Medium Posts. Has Shiba Inu Founder Gone For Good?
While Ryoshi has not publicly addressed or corroborated these claims, Lucie, a Shiba Inu marketing specialist and community figure, recently dismissed the allegations as misinformation. According to Lucie, these wallets do not belong to Ryoshi and were instead created following 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
Implications for Investors
The allegations surrounding Ryoshi’s alleged $1 billion SHIB holdings have significant implications for investors within the Shiba Inu ecosystem. The transparency of the project has been called into question, leading some investors to worry about a potential dump of SHIB holdings by Ryoshi. Such an action could trigger a sharp decline in the token’s price.
On the other hand, some investors may dismiss these allegations as unfounded or insignificant in terms of risk to the overall Shiba Inu project. It is important to acknowledge that Ryoshi has neither confirmed nor denied the claims, leaving their validity uncertain.
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