Shytoshi Kusama, the lead developer of Shiba Inu (CRYPTO: SHIB), denied a media report that said he had predicted a $100 billion market valuation for the meme cryptocurrency.
What Happened: “I literally said not my words,” Kusama said in response to an article published by a crypto-focused media outlet. “That’s why I plan on making your publication obsolete.”
The developer had earlier posted a meme gif on Twitter, saying “Your words, not mine,” quoting an internet personality who predicted Shiba Inu would reach “100 billion this cycle.” The media report was seemingly based on this tweet.
Trending: Bitcoin To $100,000? Here’s what gold bug Peter Schiff said could happen on Anthony Pompliano’s podcast.
Why It Matters: SHIB’s market cap has been on a meteoric rise. On Monday, the cryptocurrency’s market cap surged by 90% in 24 hours, reaching $26.71 billion. This placed SHIB ahead of tech giants such as Zoom, Snap, eBay, and MicroStrategy.
Despite a 13.3% dip in the past 24 hours, SHIB has seen a significant increase in active accounts and whale transactions. With 71% of SHIB holders currently in profit and 19% in the red, traders are optimistic about the uptrend continuing.
March 6, 2024, 7:49 a.m. EST, Editor’s Note: This story and headline were updated to better comply with Benzinga editorial guidelines. There were no material factual changes.
Image via Shutterstock
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