The Shiba Inu-themed meme coin’s burn rate has taken a hit after the mysterious disappearance of Shiba Inu (SHIB) founder Ryoshi. Experts at Finder believe the Shiba Inu may crash like Terra, “because the project lacks usability.”
SHIB price dropped with Ryoshi’s disappearance
Kriptokoin.com The anonymous founder of Shiba Inu, Ryoshi, disappeared from social media platforms and caused a stir among SHIB owners and the community. Ryoshi deleted his tweets and deleted his entire online presence as speculation escalated. After Ryoshi left the Shiba Inu community, project leader and developer Shytoshi Kusama stated that the team will continue to work.
The burn rate of the Shiba Inu-themed meme coin took a hit after Ryoshi’s departure on May 29. Only 54.6 million SHIB tokens have been burned in the last 24 hours. In other words, the burning rate fell by 64.2 percent overnight. A decrease in the burn rate is associated with a slow decrease in the circulating supply of the token, delaying the bullish effect on the price of the reduced SHIB circulation. So far, 410.46 trillion Shiba Inu tokens have been burned, significantly reducing the SHIB supply.
Finder experts: Shiba Inu may suffer the same fate as Terra
According to a report by cryptocurrency experts on Finder, a comparison site, the Shiba Inu is owned by Terraform Labs. It can crash similar to its LUNA (now Luna Classic-LUNC) and TerraUSD (UST). The report includes the opinions of 36 cryptocurrency experts. Among the meme coins in the crypto ecosystem, Shiba Inu is one of the most affected cryptocurrencies, and experts believe there are several threats surrounding the Dogecoin killer. According to crypto experts, Shiba Inu is in the same category as LUNA and the project has no real use case. The lack of usability implies that the Shiba Inu is relying on hype and not its actual product.
While Shiba Inu does not have a stablecoin in its project, it is alleged that there is a lack of development, unlike Terra’s algorithmic stablecoin, UST. Shiba Inu’s stablecoin will be pegged at $0.01, unlike UST’s $1 stablecoin. Founder Ryoshi believed this would make Shiba Inu’s stablecoin more stable than algorithmic stablecoins in the ecosystem. The project is currently “near completion” and details on how to maintain the stable have yet to be disclosed.
