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Dog-themed meme coin Shiba Inu has had a turbulent price run for the past few weeks. Despite predictions of a rally in June, the meme coin's historical bearish trend continued, even into July. The coin's inability to rise back to March levels when it traded at $0.00003592 possibly triggered criticism from some investors.
Kusama's call for patience
However, Shytoshi Kusama, the enigmatic leader of Shiba Inu, has penned an epic reply to a critic, who described the SHIB team’s work as “lies that will be exposed.”
The critic Moa (Moa3335) on X had stated that all the roadmaps and talks by the SHIB team were just talks, with no details about the “burning plan” for the meme coin to rise.
Tomiwabold OlajideKusama clarified that SHIB had detailed road maps outlining the issues and solutions with which to address them. However, he noted that the Shiba Inu team will not discuss timelines with the community, for obvious reasons. He assured the critic that they were working on things in real time to resolve challenges facing the meme coin.
The top developer pointed out that investors and other stakeholders need to take a broader view of the achievements made by SHIB over the years and lend their support rather than drown the development team in criticism.
“What we have and will continue to achieve is the eclipse of other tokens in your feed, and we still face criticisms like this. This is the most frustrating part of building the future. I hope that you finally realize the magnitude of what we have done and how the pieces work together for the betterment of humanity,” Kusama stated in Arabic.
Market concerns amid lack of bullish momentum
While Shytoshi Kusama continues to sue for patience and understanding, analysts say investors remain bothered by the meme coin's price performance.
The Shiba Inu community had anticipated a price rally after Lucie, the marketing head, posted that Kusama would speak on Aug. 13 at the 2024 Blockchain Futurist Conference.
However, the bullish rally that Shiba Inu experienced at a similar conference in 2023 did not occur. According to data from CoinMarketCap, Shiba Inu traded at $0.00001352 at the time of writing, a 2.19% drop in the past 24 hours.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin