The lead developer of the popular meme coin Shiba Inu (SHIB) has announced that he will leave the project soon. The news is a shock to the SHIB community, given the developer’s significant contribution to the project’s growth.
Anonymous Lead Developer to Exit Shiba Inu
The lead developer, who goes by the pseudonym Shytoshi Kusama, released a statement on July 9 stating that he will resign soon.
The lead SHIB developer laid out the project’s long-term development goals, stating that they are nearing the completion of founder Ryoshi’s vision for complete decentralization without a leader.
Kusama said he would step down when the goals are met, and the ecosystem would run on autopilot.
The goals include strategic partnerships with Web2 companies looking to join the Web3 ecosystem and celebrities for a Shiba Inu awareness campaign.
He also explained the primary use of the new Shiba Inu token, TREAT, which is yet to be released. Once launched, Shiba Inu members can use TREAT tokens to access advanced features in the ecosystem.
SHIB Price Drops by 2%
Shortly after the announcement, the price of Shiba Inu dropped by 2.5% in 24 hours, falling to $0.00001649. According to CoinGecko, SHIB is trading at $0.00001647 after a 1.6% drop in the last seven days.
Who is Shytoshi Kusama?
The identities of Shiba Inu developers have been a mystery since Ryoshi launched the project. Shytoshi Kusama became the lead developer after Ryoshi vanished abruptly in 2022. Kusama said he, too, would “exit the limelight.”
Shytoshi Kusama made his first public appearance in front of a physical audience in Japan, where he turned up disguised in a mask and samurai suit to meet SHIB fans at the IVS 2024 event in Kyoto.
“IVS was a huge success! Thank you to the SHIB Army members who I met in person and the ultra-important VVIPs I was able to meet with as well,” he wrote in his statement.
He later announced Mumbai as his next destination for a meet-and-greet during his world tour, during which he traveled to meet the Shib army in various countries. The SHIB lead developer is reported to have already landed in India with a masked companion.
The buzz that erupted on social media testifies to the excitement among Shib army members who are eager to engage with the developer about the future of Shiba Inu.
Shiba Inu is the second-largest meme coin in the world and the third-largest cryptocurrency in India. Members of the Shib army have invited Kusama to several other locations, including Dubai, Indonesia, California, and Delhi.