Vitalik Buterin, co-founder of ethereum recently praised Shiba Inu (SHIB) network following a transaction that he made with the meme coin. His statement immediately affected the price of SHIB, with the crypto token posting some gains in the past 24 hours.
Shiba Inu acts beyond expectations
Vitalik mentioned in an X (formerly Twitter) mail that “SHIB greatly exceeded” their expectations. She made this statement while revealing that she had donated SHIB to the Future of Life Institute (FLI). The ethereum co-founder suggested that he had made this donation much earlier out of fear that the transaction would take a while to process.
However, that was not the case, as indicated by Vitalik's praise of the Shiba Inu, meaning the transaction was processed faster than he expected. Meanwhile, in his tweet, Vitalik alluded to a “crypto relief” situation, and it is worth mentioning that this is not the first time that the ethereum co-founder has made a donation with the meme coin.
In May 2021, Vitalik donated more than a billion dollars crypto value (which included 50 billion SHIB tokens) at crypto campaign relief. This was an Indian COVID relief fund started by Polygon co-founder Sandeep Nailwal to help with the high number of COVID-19 cases the country was experiencing.
Meanwhile, the SHIB tokens that Vitalik donated were reportedly part of the 500 billion SHIB he had received from the creator of the meme currency. Interestingly, Vitalik burned approximately 420 billion value of SHIB coins (almost half of the token's circulating supply at the time). He then explained that he did this to support the meme currency.
Evidence of Shiba Inu Growth
Vitalik's recent statement about Shiba Inu also exemplifies how the ecosystem has grown since the meme coin. was released in 2020. SHIB has gone from being just a meme currency, which was probably just created for fun, until it becomes a cryptographic token that provides real-life utility. Its usefulness has also become more profound with the release of the Layer 2 Network Shibarium.
Shibarium was designed to help improve Shiba Inu Ecosystem improving transaction speed and reducing gas fees. Therefore, it is not surprising that Vitalik has a better idea of Shiba Inu than when he transacted with the meme coin in 2021. His statement is a testament to this fact and could serve as a much-needed backup in the future. .
At the time of writing, SHIB is trading around $0.00003055, up more than 3% in the last 24 hours according to data from CoinMarketCap.
SHIB price at $0.000031 | Source: SHIBUSDT on Tradingview.com
Featured image from CoinMarketCap, chart from Tradingview.com