• 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.

Shytoshi Kusama Warns Of Fake Billion-Dollar Shib Wallet Claims https://t.co/5dBxv53mcW

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) October 14, 2024

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.

Read CRYPTONEWSLAND on google news

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.

disclaimer read more

Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.