Shiba Inu on-chain activity explodes as research connects Vitalik Buterin to SHIB developers


  • $5.6 billion in SHIB has been traded in the past 24 hours across exchanges.
  • Figaro Research has linked Vitalik Buterin in a trail of transactions that link his wallet to the deployment of Shiba Inu.
  • Bricks Buster, a mobile game, burns SHIB through ad revenue to reduce Shiba Inu's circulating supply.
  • Analysts expect Shiba Inu is ready to make an explosive move and resume its uptrend.

Experts investigating Shiba Inu have found a connection with Ethereum co-founder Vitalik Buterin. Buterin or Ethereum core developers may be associated with the Shiba Inu token's creation and development, according to findings by Figaro Research. The news has sparked a sudden rise in take-up of the coin over the last 24 hours. 

Shiba Inu daily transaction volume exceeds $5.6 billion, as analysts are bullish on SHIB

The Dogecoin-killer Shiba Inu ranks eleventh by market capitalization. After flipping Dogecoin a few times, SHIB price has plunged nearly 15% over the past two weeks. 

Shiba Inu is on track for recovery as SHIB on-chain activity explodes. The 24-hour SHIB trade volume has crossed $5.6 billion across exchanges. 

A research firm named "Figaro Research" has surfaced with an investigation into Shiba Inu founder Ryoshi's connection with the Ethereum core development team. 

The firm has thoroughly investigated the link between SHIB and Vitalik Buterin through blockchain records and transactions by different wallet addresses. The author of the research report believes that Vitalik Buterin's wallet "vb2" has funded wallet "X" that has close links with Ryoshi and the wallet address that deployed SHIB. 

Interestingly, wallet "X" is significant since it has interacted with wallet addresses of developers in the Ethereum core team. 

The findings are consistent with the speculation around the link between SHIB and the Ethereum development team. 

The Shiba Inu community is awaiting the launch of an NFT game to burn more SHIB tokens, reducing the percentage of the memecoin's supply in circulation. A mobile game, Bricks Buster, burns SHIB tokens through ad revenue. 

Travis Johnson, the developer of Bricks Buster, states that the game burns nearly $10 a day from Google advertising revenue. Johnson was quoted as saying:

If the ShibArmy really got involved, we could literally be burning thousands of dollars a day, at no cost to the ShibArmy. Burning 500 trillion SHIB is going to take a long time no matter how we go about it. It's just a matter of consistency, and implementing as many new burn strategies as we can.

Mark Cullen, a cryptocurrency analyst, has evaluated the SHIB price trend and predicted that Shiba Inu is likely to break out of the down-trending channel. The analyst's first target for SHIB price is $0.0000786. 

Disclaimer: FXStreet has reached out to Ethereum core developers to get an official statement about the recent developments, but it has yet to hear back. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Cardano price hits rock bottom as ADA prepares for 40% breakout

A brief technical and on-chain analysis on Cardano price. Here, FXStreet's analysts evaluate different patterns and indicators that suggest ADA is primed to advance further.

More Cardano News

DeFi protocol Badger DAO loses $120 million in exploit, sending prices in a downward spiral

Badger DAO fell victim to the latest hack in the DeFi ecosystem. The protocol lost a total of $120.3 million in wrapped Bitcoin and Ethereum. 

More Cryptocurrencies News

Three reasons why Ethereum price is on the brink of breakout to new all-time high

Ethereum is inching closer to the “merge,” or the transition from “proof-of-work” to “proof-of-stake,” and developers have invited the community to contribute. Ethereum is closest to its previous all-time high, awaiting a trigger to break into a price tally. 

More Ethereum News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: ETH outperforming its peers, BTC struggles and XRP bearish

The Bitcoin bull rally got stopped in its tracks this week after BTC price came under more pressure from the Omicron story, and the resulting market turmoil.  Ethereum price, however, came just $16 away from making a new record high, making gains in contrast to the other two majors. 

More Bitcoin News

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!

BTC

ETH

XRP