When SHIB achieved a significant win on the Binance exchange, the official Shiba Inu account on the social media platform X—formerly known as Twitter—posted a message in celebration. At the time, CZ, the exchange’s creator, still served as its manager.
It was described as “SHIB army broke Binance” in the post.
SHIB “breaking” Binance during listing
The SHIB account cited a tweet from CZ on May 10, 2021, in which the CEO of Binance discussed “certain concerns about SHIB listing.” According to CZ, a significant number of users pressured the platform to feature the viral cryptocurrency at last, and on that particular day, Binance “ran out of ETH deposit addresses due to SHIB.”
Changpeng Zhao underlined that no ERC-20 currency has ever experienced anything like this on Binance previously. Nevertheless, he made it clear that he was endorsing SHIB and alerting the Binance community to the significant risk associated with this currency. As a result, his tweet was labelled as “NFA” rather than financial advice.
https://x.com/Shibtoken/status/1773377161690222960?s=20
The increase in SHIB’s price and popularity was mostly attributed to that Binance debut. The second-largest meme currency saw an incredible price increase on May 12, 2021, reaching $0.00003043. In addition, Vitalik Buterin performed an amazing SHIB burn in May of that year, moving a substantial portion of the half quadrillion SHIB chunk that he had gotten from Ryoshi to an unspendable blockchain address. The co-founder of Etherum donated the remaining funds to an Indian nonprofit that assisted the nation in coping with the pandemic’s effects.
Vitalik Buterin brought attention to the situation in a recent tweet, claiming that he gave away all that SHIB since he thought the meme coin will fall in a few days. He acknowledged that he had misjudged the Shiba Inu meme coin’s potential.
Millions of SHIB go up in flames
The Shibburn network, which tracks down SHIB burn transactions, has provided statistics showing that a significant number of these meme currencies have been burnt in the last 24 hours. 54,627,171 SHIB in total were burned; the increment in burn rate was just 7%.
According to U.Today, the SHIB burn rate showed an astonishing increase of about 1,210% on Thursday.
