Is SBI Holding the Mastermind Behind Shiba Inu?

In a recent revelation, on-chain researcher BoringSleuth has uncovered a potential connection between the meteoric rise of the meme token Shiba Inu and SBI Holdings, Japan’s largest digital bank conglomerate. By analyzing the financials and strategic moves of SBI Holdings, BoringSleuth suggests that there may be an orchestration happening behind the scenes.

Connecting the Dots between SBI Holdings and Shiba Inu

BoringSleuth’s investigation started with a cryptic equation: “SHIB = SBIH = SBI Holdings, Japan’s largest Digital Bank Conglomerate.” In a Twitter thread, the researcher delved into the timeline of events that led to the rise of Shiba Inu.

The researcher pointed out that on July 1st, 2020, SBI Group invested $30 million USD in B2C2, a company believed to be linked to SHIB’s anonymous founder, Ryoshi. This investment is significant because B2C2 is the current market maker for Robinhood, which at one point held over 25% of the total SHIB supply.

Strategic Moves and Profits

BoringSleuth highlighted that SBI Group, known for being the largest institutional holder of XRP, made a strategic move in the summer of 2020 by purchasing 90% of B2C2, a UK-based crypto liquidity and trading firm. This move came at a time when XRP was facing regulatory challenges and a lawsuit from the SEC.

The researcher then pointed out that in January 2021, SHIB liquidity pools were significantly increased. In May 2021, SHIB experienced a massive price surge when Vitalik Buterin, ethereum‘s co-founder, announced he was donating 10% to COVID charities and burning the other 90%. BoringSleuth described this as a well-played and well-timed story.

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Examining SBI Group’s financial growth, BoringSleuth revealed that the company’s profits skyrocketed by over 800% within a three-year span. This growth is particularly striking considering that SBI Group had relatively flat to slightly up growth for 21 years prior. The researcher posed the question of how such a well-established organization experienced such a significant surge in profits.

Implications and Reactions

BoringSleuth concluded that SBI Group’s growth could be attributed to selling worthless meme bags to holders who bought into the hype, while the company and its shareholders benefited. These revelations have stirred the crypto community, but it remains to be seen if there will be any reaction from SBI Holdings or the Shiba Inu development team.

As of now, SHIB is trading at $0.00000763. The future direction of Shiba Inu’s price is uncertain, with possibilities of a bullish breakout or a sharp dip.

SHIB triple bottom or descending triangle?, 1-week chart | Source: SHIBUSD on TradingView.com



### News source: bitcoinist.com

By Team