The newly launched Sanshu Inu coin, which is touted to take on Shiba Inu in the long run, is hit by allegations that the coins developers are secretly dumping their holdings by converting their Sanshu Inu assets to Ethereum and jumping ship from the meme-cryptocurrency, yet not making their trade be known to the public.
A wallet address '0x40be6b7653d24c29c50f89732c26a5a8bb1b2f4f' shows the holdings from Sanshu Inu's inception days and it is alleged that it belongs to an early investor, who could possibly be a developer of the coin.
The mysterious and unidentified wallet holder just dumped Sanshu Inu coins by converting it to 40 Ethereum coins worth $92,000 and jumped ship.
However, it is not known if the wallet holder has completely converted all the holdings or kept more Sanshu Inu coins in the portfolio. Reports also state that the top 10 holders of Sanshu Inu are dumping the coin by converting them to other cryptocurrencies.
This comes to the forefront despite Sanshu Inu had convinced investors that the coin has no 'whales' and its trading would not lead to 'pump and dump' in large numbers and is safe for day-to-day investors. However, questions now arise if the unidentified wallet holder is a 'whale' or a 'developer' of the coin.
The issue was first brought to light on r/SanshuInuToken subreddit group but unfortunately there is little or nothing investors can do about the issue as the crypto market is unregulated and is free from government intervention in terms of internal trading and other unethical means.
Sanshu Inu seemed to be a promising coin as just recently, it rose to +46.2% on June 28, while its rival Shiba Inu rose only +8.49%. The sharp spike in the days trade attracted new investors to pump in their money as the token is available for less than a cent.
At the time of publishing, Sanshu Inu was trading at $0.000000000672 and is down -8.7% in the days trade. The coins 'Dog Park' has become a hit among investors and everyone who pooled in their money are hoping the meme-currency would soon rocket 'to the moon' and create unimaginable wealth in the long run.