Shiba Inu Developer Urges Caution Over False Wallet Claims

• Kusama wants investors to confirm claims about large SHIB wallets. 
• He advises reaching out to wallet owners directly for proof. 
• A careful approach can help prevent losses in the crypto market.

Shytoshi Kusama, the chief designer of Shiba Inu, raised concerns about claims of massive SHIB wallets. He urged creditors to verify these claims instead of believing them blindly. This warning aims to protect traders from scams and misinformation. With the cryptocurrency sector being volatile, Kusama’s message comes at a crucial time.

Verification Process Recommended

In a recent post, Kusama stated, “It’s come to my attention that individuals have claimed to own billion-dollar Shib wallets.” This statement highlights the growing issue of misinformation in the crypto space. Hence he stressed the need for skepticism among investors. Many traders may fall victim to false claims. Consequently, Kusama’s advice serves as a reminder to check information before acting.

To address the problem, Kusama suggested a specific verification process. He recommended that investors contact individuals claiming to hold large SHIB amounts directly. Additionally, he advised these wallet holders to transfer the claimed amount of SHIB to another wallet for verification. This proactive step can help ensure that investors are not misled by false claims.

Kusama explained his proposed verification method in detail. He advised that the claiming owner should choose a number between 1 and 100. After selecting this number, the owner should share it publicly. Following this, the individual must transfer that exact amount of SHIB from their wallet to another. This method aims to reveal false claims and promote greater transparency within the Shiba Inu community.

Market Reaction and Investor Activity

As a result, Kusama’s warnings have influenced the SHIB market. After his statements, the price of Shiba Inu increased by about 5%, reaching $0.00001829. Furthermore, data from Coinglass shows a 7% rise in open interest for SHIB futures totaling $50.33 million. Additionally, derivative trading volumes surged by 40%, showing increased investor interest.

IntoTheBlock’s analysis offers insights into SHIB holdings distribution. Data reveals that 99.2% of SHIB addresses hold between 0 and one billion SHIB. This total is valued at around $539.69 million. Conversely, a small percentage of addresses hold between one trillion and 100 trillion SHIB. Only 50 addresses reportedly own amounts greater than one trillion SHIB. This suggests that large holdings likely belong to exchanges or platforms rather than individual investors.