Is this why the price of SHIB fell?

TL:DR;

• Shiba Inu is among many double-digit price losers on a daily scale in the cryptocurrency space, falling 11% to below $0.000018.
• Although the entire market is covered in red, SHIB’s losses could also be attributed to a major announcement from one of the team leaders.

The leader resigns

The announcement in question came from the project’s well-known developer, known as X Shytoshi Kusama. Although they have removed many posts due to the controversy they caused within the community, the overall message remains, titled “short farewell.”

Kusama said they would step down from their active role on the team as “lead visionary”, mainly because “no more vision is needed, only execution and communication”.

Instead, Kusama will focus on becoming the global ambassador for the Shiba Inu, with the goal of mass adoption of the second-largest coin.

“My job will now be to guide projects interested in building with the 36 Technology Chambers (renamed ShibOS simply because there are more than 36 now) and help them implement comprehensive solutions across the board with our technologies.”

Additionally, I will look for partners who will bring new technologies like AstraNova to our stack, making it more robust. Finally, I will tie up the details and ensure a smooth transition to control by the DAOs. Using our different technologies and my unique and sometimes unorthodox experience…

– Shytoshi Kusama™ (@ShytoshiKusama) January 26, 2025

SHIB Price Slide

As mentioned above, Kusama’s statement sparked controversial reactions, with many thanking them for their role, while others pointing out some of the failures of their project.

Nonetheless, SHIB price fell in the following hours from above $0.00002 to below $0.000018, which go below a key support level. The reasons for this decline could be attributed to global market crashbut some blamed it, at least to some extent, on Kusama’s announcement.

Such statements from the main developers behind a token that relies heavily on its community usually trigger questionable responses and price cuts.

On a larger scale, SHIB is down almost 30% from its yearly high of $0.000025 and 45% from its cycle high reached in early December at over $0.000033.