In May, Vitalik Buterin burned all his SHIBs – They are now worth $ 28 billion

Vitalik Buterin, unintentionally Shiba Inu (SHIB) lover

Ryoshi, the anonymous personality behind Shiba Inu, had sent half of the SHIB supply to Vitalik Buterin during the creation of the cryptocurrency. He hoped that the founder of Ethereum kept them, and thus justified the choice in the whitepaper:

β€œWe have sent over 50% of all tokens to Vitalik Buterin. There is no greatness without vulnerability, and as long as Vitalik Buterin does not β€œbetray” us, then Shiba will grow and survive. “

Except that Vitalik Buterin did not particularly want to keep these tokens – or the other crypto-memes he receives regularly. He had sent 10% of the total amount to a charity that supports the fight against Covid-19 in India: this corresponded to $ 1.1 billion.

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Vitalik Buterin’s lost fortune in SHIB

The rest had been destroyed. Vitalik Buterin burned 90% of the SHIB received, or 410,241 billion tokens. At the time, that already amounted to a colossal sum of $ 7.3 billion. But today, these SHIBs would be worth $ 28 billion.

Buterin had justified this choice by a concern to remain neutral, and not to appear to favor a token. In addition, he had urged the community to stop sending him cryptocurrency of this nature without his consent. Buterin doesn’t have a particular need for money – he became a billionaire when Ether (ETH) first exceeded $ 3,000.

The SHIB madness continues

This little story shows the madness that has surrounded the Shiba Inu project from the start. The SHIB price rose by +89,762,524% in one year. The craze for canine altcoin appears to be based on nothing but speculation and all-consuming β€œFOMO” from investors.

It is of course impossible to predict if the breakthrough of the SHIB will continue or if it is doomed to fall as quickly as it exploded. It currently overtakes rival Dogecoin (DOGE) in terms of capitalization, and has entered the top 10. Will it last? When it comes to altcoins-memes, uncertainty reigns supreme …

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About the author: Marine Debelloir

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Associate Editor on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
All articles by Marine Debelloir.

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