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.
Super Thread: Clearing the mist around the @ethereum OGs and @Shibtoken connection. $shib pic.twitter.com/yESQDHHMTZ
— Figaro Research (@FigaroResearch) November 11, 2021
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.
-- $SHIB UPDATE --
— AlphaBTC (@mark_cullen) November 11, 2021
#Shiba looks like its breaking out of the down trending channel
My first target would be in the red box area
Its been strong even while #Bitcoin had its 10% dump yesterday@Shibtoken #crypto https://t.co/MddAHV6J2x pic.twitter.com/dyLEbICsuv
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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
