- Shytoshi Kusama announced the launch of SHIFU, a new dog-themed meme coin.
- The SHIFU coin will feature an airdrop for SHIB, BUBBLE, LEASH, and IO NFT holders.
Shiba Inu’s lead developer, Shytoshi Kusama, has recently generated much interest in SHIFU, a new dog-themed meme coin. The news was released on December 4th through a post on X (formerly Twitter), generating high market interest and enthusiasm amongst investors.
In his recent post on social media, Shytoshi Kusama posted the message “LFG,” which many fans suspected was a hint of an upcoming airdrop. The market frenzy was boosted further when famous cryptocurrency advocate Lark Davis gave details about SHIFU, describing it as a “real meme coin” that is reportedly developed by the same team behind Shiba Inu.
Did someone say Airdrop? https://t.co/pJd44aGKaY
— Shytoshi Kusama™ (@ShytoshiKusama) December 4, 2024
As noted by Davis, the airdrop will be available to the owners of SHIB, BUBBLE, LEASH, and IO NFTs. He also stated that the snapshot process is expected to start soon, which also added more thrill to the project. The endorsement of Kusama has brought credibility to SHIFU.
SHIB Maintains a Bullish Trajectory
Despite the hype around SHIFU, Shiba Inu remains one of the best-performing tokens in the market. SHIB’s price rose by nearly 4% in the intraday trade, with the token trading at $0.00003156 at the time of writing. In the last week, the token has appreciated by 25%, and monthly gains stood at 80%.
This bullish trend has been associated with continuous token burns that also decreased the supply of tokens and increased whale interactions. In a single day, the Shiba Inu community has done something quite impressive where over 2 billion SHIB tokens have been burnt, a 144,223.06% increase from previous activities, as reported by Shibburn. The burn rate in the past week increased by 1,995.88,% with 4.25 billion tokens being removed from the supply.
The Shiba Inu ecosystem has expanded immensely, with more wallets being created and new initiatives being developed. According to CNF, the network recently onboarded 7,548 new wallets, a 214% increase compared to the daily average of 2,400. According to the analysts from Santiment, this is due to the increased activity within the community as well as the expansion of the projects.
U.S. Government Transfers SHIB Tokens
In related news, a wallet connected to the United States government sent 54 billion SHIB tokens worth $1.5 million to a new Ethereum address. Blockchain analytics firm Arkham Intelligence identified the transaction, which was made on December 3.
ALERT: US GOVERNMENT MOVING $1.5 MILLION OF SHIBA INU pic.twitter.com/qpZGfw5gLr
— Arkham (@arkham) December 3, 2024
The wallet that was linked to the United States government does not own SHIB tokens anymore. As of now, the recipient wallet with the tag ‘0x995’ has a total worth of $33 million in cryptocurrencies.
The US government notably bought these SHIB tokens from the asset forfeiture from Alameda Research, a trading company associated with the defunct FTX exchange. This seizure was in connection with another forfeiture action where more than 700 million dollars in assets were seized based on the legal troubles of FTX and Alameda. Shibu Inu’s SHIB tokens were among the many cryptocurrencies seized during this operation.
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