Vitalik Buterin, Ethereum’s co-founder, burned 410.24 trillion Shiba Inu tokens in May. This would have a value of $27.8billion. He also donated 50 trillion SHIB (or $3.4 billion at current prices) to India, which was struggling with the COVID-19 virus.
Five months difference
Dogecoin’s popularity since 2021 has seen many imitations of it. The most well-known is Shiba Inu, (SHIB).
The Russian-Canadian programmer Vitalik Buterin, better known for being one of Ethereum’s CoFounders, had 50% of the total coin supply by May. However, he soon decided to give out 50 trillion SHIB tokens for India Covid Relief Fund. He burned 90% of his Shiba Inu coins (410.24 Trillion tokens) and pledged to donate the rest to charities.
The transaction was valued at $6,74 billion at the time of the fire. SHIB’s value has increased significantly against the dollar in recent weeks. This stash would now be worth $27.8 Billion.
At the moment, 549,153,000.087.840.070 Shiba Inu tokens are on the market.
Shiba Inu in The Spotlight
It started out as a crypto meme that aimed to kill Dogecoin. But it has grown to become a hugely popular cryptocurrency meme. SHIB’s popularity, probably due to its connection to DOGE, the people’s constant desire for quick wealth over hype and its low price were some factors that drove it to its peak.
The meme coin craze became so popular that Binance allowed customers to trade with it in May. SHIB’s value jumped 60% in just minutes following the announcement. The world’s largest trading platform warned that Shiba Inu was a new token and that it “poses an increased than normal risk.” Investors should be more cautious due to the high price volatility.
Shiba Inu has now launched a decentralized exchange, and Shiboshis is now digitally available. However, it’s still highly risky to invest in the token.
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