In May, Ethereum’s Co-Founder – Vitalik Buterin – burned 410,24 trillion Shiba Inu tokens which is currently equivalent to $27.8 billion. He also donated 50 trillion SHIB which is currently valued in billions of dollars to India, struggling with the COVID-19 infection by that time.
Shiba inu market wave
The success of Dogecoin since the beginning of 2021 has led to the rise of many copycats that aimed to steal from its public attention, the most popular one is 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. He soon decided, though, to hand out 50 trillion SHIB tokens to 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.
By the time of the burn, the transaction 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 amount of Shiba Inu tokens circulating in the market and available to the public is 549,153,087,840,070.
Shiba Inu token started as a crypto meme, aiming to be a Dogecoin-killer, but has so far ended up surging by over 100,000,000% since the beginning of this year. Huge popularity (probably because of its relation to DOGE), the people’s constant desire to generate quick wealth over hype, and its cheap price were some of the factors that pushed SHIB to its peak.
The craze with the meme coin became so popular that Binance enabled customers to trade with it in May. In a matter of minutes after the news, SHIB’s price spiked by 60%. However, the world’s leading trading venue warned that Shiba Inu is a relatively new token that “poses a higher than normal risk.” 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 separated itself from the crowd of meme coins, but investing in the token is still considered highly risky.
Shiba Inu – the memecoin that everyone is now talking about, increased by another 160% over the past seven days and flipped Dogecoin in terms of total market capitalization. The cryptocurrency is now over 100,000,000% up in 2021, meaning that a $1 investment would now be worth – yes, you guessed it, $1 million. Currently Shib token is ahead of the dogecoin in markmet capitalization and sits amongst the top 10 cryptocurrencies with a market capitalization of $40,913,978,257 about 3 billion dollars more than the dogecoin.
Naturally, this has led to the creation of other memecoins as they pop out in valuation. Floki Inu – a coin that’s admittedly inspired by SHIB, is up 266% in the past week. Interestingly enough, the cryptocurrency has a very serious marketing campaign going on for it. In fact, it’s even advertised in physical locations such as London’s metro and public transport.
The cryptocurrency market is fast reaching fever pitch as Shiba inu’s explosive growth as served as a wake up call for cryptocurrency critics as it shows how valuable the cryptocurrency market has become. This craze in the crypto market is not stopping anytime soon as there are still a lot of opportunities with upcoming and ongoing projects on various blockchains platforms. The cryptocurrency market has also created a level playing ground for both the rich and the poor. A lot of success stories are shared from time to time of how opportunities in the crypto market has totally transformed the lives of many.
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