SHIB’s Price Slump: A Leader’s Departure?
TL;DR;
- Shiba Inu’s price has dropped by 11% to under $0.000018, making it one of the many double-digit price losers in the cryptocurrency market.
- The price decline may be attributed to a major announcement by a team leader, which sparked controversy and mixed reactions within the community.
Leader Steps Down
Shytoshi Kusama, a well-known developer, announced their departure from their role as the lead visionary of the project, citing that “there is no more vision needed, only execution and communications.”
Kusama will focus on becoming the global ambassador for Shiba Inu, aiming to promote mass adoption of the second-largest meme coin.
“My job moving forward will be to guide projects interested in building with the 36 Chambers of Tech (rebranded to ShibOS simply because there are more than 36 now), and helping them implement global solutions at all levels with our technologies.”
Moreover, I will search for partners that bring new technologies like AstraNova into our stack making it more robust. Finally, I’ll tie up loose ends, and ensure the smooth transition to control by the DAOs. Using our various technologies and my unique and sometime unorthodox…
— Shytoshi Kusama (@ShytoshiKusama) January 26, 2025
SHIB’s Price Slide
As Kusama’s statement sparked controversy, SHIB’s price tumbled from over $0.00002 to under $0.000018, falling below a key support level.
The reasons behind this decline could be attributed to the overall market crash, but some blamed it, at least in part, on Kusama’s announcement.
Such statements from lead developers behind a token that relies heavily on its community usually trigger questionable responses and price drops.
On a bigger scale, SHIB is down by almost 30% since its yearly high of $0.000025 and by 45% since its cycle peak reached in early December at over $0.000033.
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Conclusion
The departure of Shytoshi Kusama, a key figure in the Shiba Inu project, has led to a significant price decline in the cryptocurrency. While the overall market is experiencing a downturn, some experts believe that Kusama’s announcement has contributed to the price drop.
FAQs
Q: What is the reason behind SHIB’s price decline?
A: The price decline is attributed to a combination of factors, including the overall market crash and the departure of Shytoshi Kusama, a key figure in the project.
Q: What is Shytoshi Kusama’s new role?
A: Kusama will become the global ambassador for Shiba Inu, focusing on promoting mass adoption of the second-largest meme coin.
Q: Will Kusama’s departure have a significant impact on the project?
A: Yes, Kusama’s departure may lead to a loss of leadership and guidance, which could potentially impact the project’s future development and growth.
Q: What is the current market sentiment around SHIB?
A: The market sentiment is bearish, with SHIB’s price dropping by 11% in a single day. However, some investors are still holding onto their positions, hoping for a potential rebound in the future.
Q: Is the price drop a buying opportunity?
A: It’s uncertain. While the price drop may be a buying opportunity for some, it’s essential to assess the market conditions and the project’s future prospects before making any investment decisions.
