Ethereum creator Vitalik Buterin could make billions of dollars with the shiba Inu token. But he didn't

 Ethereum creator Vitalik Buterin could make billions of dollars with the shiba Inu token

      In mid-May, Vitalik Buterin burned shibacoins Inu

 (SHIB) tokens , which greatly angered some investors. The creator of Ethereum had many so-called "dog" coins - those projects that are similar in theme to the Dogecoin promoted by Elon MUSK at the beginning of the year . During this month, the shiba dog price has grown strongly and quickly reached a new all-time high. If Buterin had left coins, now he would have more than $ 32.5 billion in his account . Let's talk about what is happening in more detail.

     By tradition, let's start with an explanation. Shiba Inu has become one of the most popular tokens in 2021 as it has seen incredible growth. Specifically, the SHIB coin has gained 156 percent in value over the past week, thus surpassing Dogecoin by market capitalization and ending up in ninth place overall.

   By tradition, let's start with an explanation. Shiba Inu has become one of the most popular tokens in 2021 as it has seen incredible growth. Specifically, the SHIB coin has gained 156 percent in value over the past week, thus surpassing Dogecoin by market capitalization and ending up in ninth place overall.

    At the same time, the indicators of cryptocurrency over a long distance are even more amazing. In particular, SHIB grew by 910 percent over the month, and by 89 million percent over the year.

    Shiba Inu cryptocurrency price indicators

     As a result, the coins merged by Vitalik Buterin in May 2021 now cost several times more. Here are the details.

   How do you make money on cryptocurrencies?

    Recall that initially, after the creation of the project, the Shiba Inu developers sent half of the coins from circulation to Vitalik Buterin's address, hoping for advertising and promotion of the altcoin. At that time, his wallet accumulated 505 trillion shiba inu puppies, or approximately $ 8 billion as of the beginning of May this year.

     In many ways, Shiba Inu's meteoric rise this year has depended on listing on major cryptocurrency exchanges. Among them was Coinbase, the largest digital asset trading platform in the United States. More recently, it has begun to gain popularity again among Americans - the exchange's app has come out on top in terms of the number of downloads in the region, overtaking TikTok.

     Later that month, Vitalik donated SHIB 50 trillion for $ 1.2 billion at the time to the Indian COVID-19 Foundation . Buterin “burned” 90 percent of the coins remaining on his wallet , that is, he sent them to an address that no one has access to. Actually, this event led to a sharp drop in the SHIB price and large losses for some investors in the project.

        Recall that Buterin undertook to merge tokens on decentralized exchanges, and he did it in large batches. As a result, the cryptocurrency rate went down sharply, which caused panic among other cryptocurrency investors.

   The money went to the India Covid-Crypto Relief Fund, which is fighting the spread and impact of the coronavirus in India. We are talking about 500 ETH for $ 1.95 million at that rate and SHIB tokens for $ 946 million. Accordingly, the cryptocurrency has been beneficial.

    However, the conditional losses for Vitalik himself during this time on paper are enormous: if he had kept the altcoin in his wallet, then by today he would have been at least $ 32.5 billion richer. However, Buterin has already stated that he prefers to donate the crypt to charity and not have "too much power and influence" in his hands on the cryptocurrency community.

Shiba Inu's All-Time Growth

     So far, Shiba Inu continues to grow, and its rate record was recorded yesterday. As we have already noted, the day before the coin even surpassed its "progenitor" Dogecoin in terms of capitalization, taking ninth place in the cryptocurrency rating. However, not everyone likes the massive craze around SHIB - many crypto experts believe that the sharp rise in altcoin is taking away liquidity from other projects, which could lead to another major drop in the market.

     Note that some investors did not repeat Vitalik's actions and did not drain the SHIB coin reserves too early. The real sensation this week was the owner of this address , who invested about $ 8,000 in shiba inu coins in August 2020 and has been holding it ever since. The funny thing is that now this amount is estimated at billions of dollars, but the user is in no hurry to drain them.

What do you think about this?