SHIB Developer Calls on Crypto Users to Scrutinize FUD
- Kusama encouraged users to investigate every FUD before making investment decisions.
- Silvergate liquidation and regulatory clampdown contribute to increasing crypto FUD.
Shytoshi Kusama, the pseudonymous developer of the meme coin blockchain project Shiba Inu, has advised followers to ignore the ongoing FUD (Fear, Uncertainty, and Doubt) in the crypto market. Kusama asked his followers on Twitter to investigate every FUD before making investment decisions in the market.
In a tweet, Kusama called on the public to take deliberate steps and scrutinize the elements behind FUDs. He asked investors to carry out personal research and find out the originator of FUDs whenever they arise.
The SHIB developer admonished crypto users to investigate the interests of FUD originators to know if they are involved in competing projects. He asked his followers to scrutinize the timing of such FUDs and find out who benefits from them.
There is a bearish sentiment enveloping the cryptocurrency market. Frontline cryptos like Bitcoin and Ethereum have failed to recover from a late February decline, and the rest of the market seems to have followed this direction. Most crypto prices have broken below critical support levels, injecting more fear among investors, suspicious that the prices could fall further.
From the wider market, Bitcoin and Ethereum are lagging mainstream stocks that are posting recoveries from a recent decline. Since March 5, 2023, S$P 500 and U.S. equities have soared higher, turning the sentiments among market participants bullish.
Users believe recent events around the crypto industry contribute to the growing FUD experienced by the market. One such event is the planned shutdown by the California-based crypto banking giant Silvergate Capital. In an announcement, the firm notified the public it was ending operations and liquidating its Silvergate Bank.
In another instance, U.S. regulators have intensified efforts to scrutinize crypto practitioners, including Binance, the reportedly largest crypto exchange in the world. These activities have generated increased sensitivity among crypto investors, resulting in the heightened FUD Kusama has cautioned against.