The Shiba Inu creator deleted all of the tweets and the blog posts but the reason remains unknown, so let’s find out more today in our latest altcoin news today.
The anonymous Shiba Inu Creator Ryoshi, deleted all of the tweets and Medium blog posts, deleting the entire activity on the platform. However, it’s worth noting that the account doesn’t seem to have been active since 2021. The last tweet by Ryoshi was made in 2021 in May as the data from Wayback Machine reveals. The Medium posts that Ryoshi posted seem to be gone at the time of writing.
There doesn’t seem to be any information coming from the official accounts that were associated with the meme coin but this doesn’t mean that the founder abandoned the proejct as most can speculate that the move is a part of a larger reveal. At the time of the post, nothing seems to have been confirmed and the speculations are running rampant. The price of SHIB is not affected by the news massively although it dipped in the past few hours still remains up by 4% on the day.
As recently reported, The team behind one of the most popular memecoins Shiba Inu launched a burning mechanism that allows holders to burn their tokens and generate passive income. Shiba Inu launched a new SHIB burning portal as functionality that enables users to send their coins to a burn address and this is a wallet from which SHIB will no longer be retrievable which means that once the tokens are sent there can never be retrieved again will be gone forever.
This introduces a mechanism that allows for a reduction of the total circulating supply making the tokens scarcer and this in theory can benefit investors as a scarce asset that tends to be more preferred compared to one with an unlimited supply or with considerable rates of inflation. All of this is theoretical and there’s nothing guaranteed or fixed or reducing supply doesn’t necessarily translate to the increased value which means that the outcome of the burning portal is yet to be seen. The team’s reasoning behind the portal was incentivized by the community’s push in that direction. The community or commonly known and named The shib Army was quite vocal and provided ongoing feedback that will relate to creating a systematic method where scarcity can increase while pushing the potential on the comminutes wealth in the investment.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]