In May, Ethereum co-founder Vitalik Buterin burned 410 24 trillion Shiba Inu tokens, which would now equal $ 27.8 billion. Additionally, he donated 50 trillion SHIB ($3.4 billion calculated at today’s prices) to India, struggling with the COVID-19 infection by that time.
Five month difference
Dogecoin’s success since the start of 2021 has led to the rise of many imitators who aimed to distract its attention from the public. The most popular is arguably the Shiba Inu (SHIB).
By mid-May this year, the Russian-Canadian programmer, better known as one of Ethereum’s Co-Founders – Vitalik Buterin – possessed 50% of the coin’s total supply. However, he quickly decided to distribute 50 trillion SHIB tokens to the India Covid Relief Fund. Interestingly, a week later, he burned 90% of his remaining Shiba Inu coins (410.24 trillion tokens) and vowed to donate the rest to charity organizations.
At the time of the fire, the deal was worth $ 6.74 billion. However, in recent weeks, SHIB has significantly increased against the dollar, and this stash would now equal the whopping $27.8 billion.
Currently, the number of Shiba Inu tokens circulating in the market and available to the public is 549,153,087,840,070.
Shiba Inu on The Spotlight
What started as a crypto meme, aiming to be a Dogecoin-killer, ended up surging by over 100,000,000% since the beginning of this year. The huge popularity (probably due to its relationship with DOGE), people’s constant desire to generate wealth quickly rather than the hype, and its cheap price were some of the factors that drove SHIB to its heyday. .
The craze with the meme coin became so popular that Binance enabled customers to trade with it in May. Within minutes of the news, SHIB’s price shot up 60%. However, the world’s leading trading platform has warned that Shiba Inu is a relatively new token that “comes at higher risk than normal.” As such, investors should be extra careful when dealing with it due to its enhanced price volatility, especially after the listing.
With the launch of a decentralized exchange and the recent digital collection of Shiboshis, Shiba Inu has separated itself from the meme coin crowd, but investing in the token is still considered very risky.
