- Shytoshi Kusama addresses false claims of billion-dollar SHIB wallets, urging investors to verify ownership to avoid misleading information.
- Shiba Inu’s price surged 2% following Kusama’s statements, reflecting increased investor interest amid broader bullish market trends.
- Another aspect that has fueled the SHIB bulls is a 14570% rise in the burn rate, with 279 million tokens being burned to date.
Shytoshi Kusama, a lead developer of the Shiba Inu, has become a provoker across the entire crypto sphere. On the 14th of October, Kusama went to X to explain the issues with fraudulent statements that associated themselves with billion-dollar SHIB wallets.
To make sure such information is genuine, the developer encouraged the market participants to cross-check the information they are fed and this quickly prompted a lot of debate within the crypto community.
New Measures to Verify Claims
Besides raising concerns, Kusama introduced a straightforward method for verifying these claims. He advised individuals to challenge claimants to select a number between 1 and 100 and publicly reveal the amount. The wallet owner should then transfer the exact amount of SHIB tokens to another wallet.
Kusama emphasized that any refusal or delay in this process suggests the claim is false. This new verification approach has further fueled interest and discussions within the crypto landscape.
As a result, the Shiba Inu token gets boosted up in its prices quite considerably. After the comments of Kusama, the cost of SHIB went up by 2% thus making it attain $ 0.00001799. This upward movement has been propelled by other bullish market forces that have accompanied the new meme coin. Their daily range was seen at $0.00001712 and $0.00001817 in intraday trade, which continues to attract attention to this cryptocurrency.
Massive SHIB Burn Increases Market Sentiment
Moreover, recent reports reveal a surge in SHIB burn activity, with 279 million SHIB tokens burned over the past day, leading to a 14570% increase in burn rates. This development has created strong bullish market sentiment around the token, as more investors closely follow the price action.
In addition, SHIB futures open interest (OI) saw a 7% increase, with OI totaling $50.33 million and a derivatives volume upsurge of 40%, reaching $132.78 million. All of these factors underscore the rising investor interest in the Shiba Inu ecosystem.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
