'Crypto Is Like Casino': Shiba Inu's Shytoshi Kusama Reacts to Market Meltdown - U.Today

Shiba Inu’s lead developer Shytoshi Kusama has defended his recent comment on the unpredictability of the cryptocurrency market. In an update, Kusama compared crypto investments to casino bets, where the outcomes could either make or mar the players.

Shiba Inu lead calls for open debate amid market uncertainty

Notably, he stated that just like in casinos, crypto traders place bets on assets and HODL with anticipation that prices will climb. That is, investors assume the risk of either a win or a loss. Kusama maintained that outcomes of trades were either positive or negative.

In his case, the statement “crypto is like a casino” has generated a lot of attention, which Kusama considers unnecessary. He argues that people are free to express their opinions and, as such, experience profit or loss.

According to Kusama, if he is wrong on his take, then critics would be right and investors lose money as everything collapses. However, if his projections are right, then it would be a huge discovery that is likely to impact the broader financial market beyond crypto.

The Shiba Inu (SHIB) lead developer is encouraging people in the crypto space to be open to debate. He believes that the ecosystem does not necessarily need to reach a consensus on every issue, as controversy could lead to unexpected outcomes.

Kusama observed that the crypto sector comprises those who wait, analyze and debate constructively, and others who panic, insult or engage in online rage. He insists that smart participants should always observe outcomes.

While Kusama is not acting for blind faith, he is calling for patience with crypto projects. Although he did not mention any project or Shiba Inu, many consider his comments an attempt to explain Shiba Inu’s continued volatility on the crypto market.

Shiba Inu price slides as market meltdown deepens

The cryptocurrency market has declined by over 2.4% in the last 24 hours, which confirms a general meltdown amid broader financial challenges.

Shiba Inu, as of press time, is exchanginge hands at $0.000007503, which reflects a 4% decline in the last 24 hours. SHIB slipped from a daily high of $0.000007832, underperforming the broader crypto market as a result of memecoin weakness.

Shiba Inu’s trading volume has managed to stay up by 4.89% at $104.19 million.

Meanwhile, the ecosystem’s deflationary mechanism, the burn rate has plunged to near zero as it plummeted by 99%.

Critics of Shytoshi Kusama argue he needs to focus on improving the price outlook of Shiba Inu rather than his comments that add nothing to the value of the memecoin.