Following the severe price decimation that plagued the Shiba Inu token this month, members of the Shiba Inu ecosystem saw some excitement as the anonymous founder of Shiba Inu, Ryoshi made a cryptic reappearance after a year of silence.
While such reappearances would be to explain the disappearance and his sudden emergence, Ryoshi adopted a different approach. He went on to delete all of his previous tweets and blog posts. Ryoshi also removed all of Shiba Inu blogs including the popular “‘All Hail the Shiba” post.
Following the deletion of all the blog posts, Ryoshi made some posts on the same medium platform suggesting that he wants the Shiba Inu ecosystem to carry on without him.
Now, the pertinent question- In light of this drama, were investors motivated to accumulate the Shiba Inu token?
To hell with Ryoshi
A look at Shiba Inu’s price reaction to Rysohi’s theatrics 24 hours later suggested that investors were not impressed. At the time of press, the price per Shiba Inu token stood at $0.00001175 with a 4% decline.
While registering a 13.12% spike in trading volume in the last 24 hours, the lack of corresponding growth in price only hinted at one thing; distribution by investors. Thus, data shows that following Ryoshi’s re-emergence and subsequent disappearance on 30 May, investors are exiting their positions to take whatever profit they might have accrued over time.
At the time of press, the Relative Strength Index (RSI) for the memecoin marked a spot at the 39 region below the 50 neutral level. Inching further downwards toward the oversold position, gradual distribution of the Shiba Inu tokens was underway at press time. Similarly, the Money Flow Index (MFI) for the token at the time of writing was in a downward curve and registered an index of 48.57 below the neutral region.
Source: TradingView
Furthermore, the market capitalization for the token also suffered a loss. At $6.75 billion on 30 May, following the Ryoshi episode, the market cap at the moment stood at $6.48 billion at the time of writing.
Highs despite the low-key exit?
Although on a price front, the Shiba Inu token failed to react positively to Ryoshi’s “comeback”, and on-chain analysis revealed that some tractions were made.
The number of unique addresses transacting the Shiba Inu token on a daily basis saw a spike on 30 May. At 4,470 on 30 May, the index for daily active addresses transacting the token grew by 16% from the 3,722 recorded on 29 May.
It is imperative to also point out that without a corresponding spike in price, the growth in this metric only showed that a lot more people distributed their tokens following the Ryoshi episode. At press time, this stood at 1,367.
Source: Santiment
In addition to this, 30 May also witnessed tokens being accumulated by the whales. For transactions above $100k, the whale transactions count stood at 59 registering a 16% growth from the 43 transactions recorded two days ago on 29 May.
Similarly, whale transactions further witnessed a 33% growth for transactions above $1 million following the Ryoshi episode.
Source: Santiment
Furthermore, the token recorded a high of 2,167 in its social volume on 30 May. This stood at 273 during press time. Similarly, the social dominance recorded a high of 2.55% as of 30 May. These spikes were indicative of the social buzz that the token might have garnered following Ryoshi’s “comeback.”
Source: Santiment
It is also to be noted that despite the sale of lands on its Shib Metaverse and the burning of some Shib tokens, the Shiba Inu token still appears to be struggling to climb up the crypto hill. Safe to say that the “comeback” of Riyoshi did let lose some bears that the token is struggling to wrestle with.
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