Following the unfavourable price decrease that plagued the Shiba Inu token this month, people involved in the Shiba Inu ecosystem saw some excitement as the anonymous founder of Shiba Inu, Ryoshi, made a cryptic reappearance.
While such reappearances after years of silence would be to give an explanation regarding the unavailability and his sudden emergence, Ryoshi tried a unique approach. Ryoshi tried to delete all of his tweets and blog posts that were posted previously. Ryoshi deleted all of Shiba Inu’s blogs, including “‘All Hail the Shiba”.
Ryoshi wrote some posts on the same platform mentioning that he wants the Shiba Inu ecosystem to continue but without his indulgence. This was mentioned right after the deletion of all these blog posts.
Now, the question arises in the mind that- Are investors motivated to accumulate the Shiba Inu token after all such drama by Ryoshi?
To hell with Ryoshi
Later after Ryoshi’s drama, a look at Shiba Inu’s price suggested that investors were not impressed by his acts. At the time of media interaction, the price per Shiba Inu token was valued at $0.00001175 with a downfall of 4%.
While registering a 13.12% spike in trading volume, the lack of corresponding growth in price is pointing towards a distribution made by investors. Thus, data highlights that following Ryoshi’s inexistences on May 30 and further later reappearance made investors step back from their positions to grab whatever profit they have earned over time.
The Relative Strength Index (RSI) for the meme coin marked a spot at the 39 regions below the 50 neutral levels. The gradual distribution of the Shiba Inu tokens was underway at press time. In the same way, the Money Flow Index (MFI) for the token at the time of writing registered an index of 48.57 below the neutral region with a falling curve.
Furthermore, the market capitalization of Shiba Inu tokens suffered a loss. Prior to Ryoshi’s act, the pricing was at $6.75 billion on 30 May, and now, the market cap stood at $6.48 billion at the time of writing.
Highs despite the low-key exit?
In terms of pricing, the Shiba Inu token showed a negative result to Ryoshi’s “comeback”, and on-chain analysis revealed that some tractions were made.
The number of unique addresses transacting the Shiba Inu token was at 4,470 on 30 May, and the index for daily active addresses transacting the token grew by 16% from the 3,722 recorded on 29 May.
With a corresponding spike in price, the growth in these numbers only highlights that many people distributed their tokens after the Ryoshi episode. At press time, this stood at 1,367.