Shiba Inu Lead Dev Returns As Price Crashes To 3-Year Low, What’s Going On? | Bitcoinist.com

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Shiba Inu lead developer Shytoshi Kusama has returned to the X platform, teasing an important update for the SHIB community. This comes just as the meme coin’s price crashed to a 3-year low amid the recent crypto market crash

Shiba Inu Lead Developer Returns as Price Hits New Lows

In an X post, the Shiba Inu lead developer revealed that he had an “ultra important” update for the SHIB community. Shytoshi indicated that it was a very important update, noting how it could take 2 more hours to explain and that it was “extremely important to many.” Meanwhile, in a subsequent X post, the developer hinted that the update may be related to AI and a potential integration.

Related Reading: Why Is The Shiba Inu Price Crashing? The Billion-Dollar Move You Should Know AboutMeanwhile, Shiba Inu developer Kaal Dhairya has yet to comment on what the update may be about. However, he defended Shytoshi following criticisms from some members of the SHIB community over the developer’s cryptic comments. SHIB marketing lead Lucie also commented on Shytoshi’s statement, indicating that she was waiting on the update

The Shiba Inu lead developer’s return comes amid the recent crash in the Shiba Inu price, with the meme coin falling to a 3-year low of $0.000006461. SHIB’s crash follows the broader crypto market downtrend, with Bitcoin dropping to a new yearly low of $73,000. Crypto traders also appear to be bearish on the meme coin at the moment as CoinGlass data shows a 4% drop in SHIB’s open interest

Furthermore, the long/short ratio is currently below 1, signaling that more traders are shorting Shiba Inu in anticipation of lower prices. The SHIB price is now down year-to-date (YTD), erasing the double-digit gains that it recorded at the start of the year

SHIB’s Rebuild Depends On Execution, Not Price

In an X article, Lucie indicated that the key to rebuilding confidence in the Shiba Inu ecosystem is execution and not price. She remarked that real confidence would show up first in behavior, not charts. She outlined ways they can improve this execution, including ensuring steady activity on the Ethereum layer-2 network, Shibarium

Related Reading: Shiba Inu Holders Targeted In Major Security Breach, How To Stay SafeFurthermore, the Shiba Inu marketing lead stated that they must avoid repeating exploit patterns and ensure a smooth LEASH migration. She also addressed the developers, saying that they have to ship new upgrades without drama

Meanwhile, Lucie noted that users must continue interacting on the network even when the Shiba Inu price is stagnant, as this is what a recovery phase looks like. The SHIB executive added that the meme coin sits between two states as an asset that is no longer just a meme coin but one that isn’t yet a mature infrastructure network

At the time of writing, the Shiba Inu price is trading at around $0.000006774, down almost 2% in the last 24 hours, according to data from CoinMarketCap.

SHIB trading at $0.0000068 on the 1D chart | Source: SHIBUSDT on Tradingview.comFeatured image from Sketchfab, chart from Tradingview.com Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.