Ethereum’s Vitalik Buterin said Shiba Inu (SHIB) did better than expected after he donated some SHIB tokens to charity. Since then, SHIB’s price has surged. Recent data shows its price, market value, trading, and investor interest have all risen significantly.
Shiba Inu (SHIB), the famous meme coin, has once more exceeded everyone’s expectations, stunning the crypto community. Even Ethereum founder Vitalik Buterin, who had doubts about SHIB’s potential, has been surprised. Buterin admitted that SHIB has surpassed his initial expectations for the project.
Surprising Confession by Vitalik Buterin
A tweet by Nathan Young, a prominent figure in web design and director at Frostwork, sparked a surprising exchange with Vitalik Buterin, co-founder of Ethereum. Young’s tweet highlighted the significant crypto holdings of the Future of Life Institute (FLI), a non-profit organization focused on AI research. This conversation shed light on the unexpected success of Shiba Inu (SHIB), largely attributed to Buterin’s involvement.
It's the same situation as with cryptorelief: I quickly sent a pile of SHIB, thinking it would surely drop 100x in a few days so I had to act fast, and expecting they would be able to cash out at most like $10-25m. But of course SHIB massively outperformed my expectations…
— vitalik.eth (@VitalikButerin) March 26, 2024
Initially dismissed as unimportant, it was revealed that SHIB in FLI’s portfolio amounted to a remarkable $665 million, leaving many, including Buterin, astonished. This disclosure drew comparisons to a previous incident involving CryptoryRelief, an Indian charity, which received a massive 50.6 billion SHIB tokens from Buterin.
Despite experiencing a temporary decline in value following Buterin’s contribution, SHIB quickly recovered. Had CryptoRelief held onto the tokens, they would have generated significant profits, highlighting SHIB’s enduring strength.
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Crypto Relief India was the COVID fund that received $1.5B in SHIB from Vitalik Buterin.
In 2021, they raised over $460M from selling off the SHIB to Wintermute.
Last night, they sent $90M to a Multisig owned by Vitalik's team to fund medical research. https://t.co/NT8UbcR8Zy pic.twitter.com/CNn17xgbFh
— Arkham (@ArkhamIntel) June 9, 2023
Shiba Inu Token Surges Amidst Heightened Market Activity
In the last 24 hours, the Shiba Inu token has experienced a remarkable 8.27% increase in price, reaching $0.00003133. This surge is accompanied by an 8.11% rise in market capitalization and an impressive 40.48% spike in trading volume, indicating significant market interest.
Moreover, the meme coin has witnessed a notable 17.86% surge in open interest, along with a staggering 76.21% increase in derivatives market volume. These surges suggest heightened market activity and a substantial influx of capital into SHIB.
As Shiba Inu defies expectations and continues to surprise, one thing remains certain – it’s establishing itself as a force to be reckoned with in the cryptocurrency market.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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