In May, Ethereum co-founder Vitalik Buterin burned 410.24 trillion Shiba Inu tokens, which would now be equal to $ 27.8 billion. In addition, he donated 50 trillion SHIB ($ 3.4 billion at today’s prices) to India, which was struggling with COVID-19 infection at the time.
Five months difference
Dogecoin’s success since early 2021 has led to the rise of many copycats aiming to steal public attention. The best known is Shiba Inu (SHIB).
In mid-May of this year, the Russian-Canadian programmer, better known as one of the co-founders of Ethereum – Vitalik Buterin – owned 50% of the total supply of the coin. However, he soon 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 charities.
At the time of Burn, the transaction was valued at $ 6.74 billion. Over the past few weeks, however, the SHIB has risen sharply against the dollar, and that supply would now be a whopping $ 27.8 billion.
Currently, the amount of Shiba Inu tokens circulating in the market and available to the public is 549,153,087,840,070.
Shiba Inu in the spotlight
What started out as a crypto meme that was supposed to be a Dogecoin killer has increased over 100,000,000% since the beginning of this year. Its tremendous popularity (probably because of its relationship with DOGE), people’s constant desire to make quick fortune over the hype, and affordable price were some of the factors that brought SHIB to its peak.
The craze for the meme coin became so popular that Binance opened it up for customers to trade with in May. Within minutes of the news, SHIB’s price rose 60%. However, the world’s leading trading venue warned that Shiba Inu was a relatively new token that “poses a higher than normal risk”. Investors should therefore be particularly careful when dealing with it due to the increased price volatility, especially after the listing.
With the introduction of a decentralized exchange and the recent digital collection of Shiboshis, Shiba Inu has broken away from the mass of meme coins, but investing in the token is still considered high risk.
Selected image courtesy of FintechAdvisor
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