April 14, 2024

Crypto prices in the market rise and fall very quickly, some often declining into extinction with zero valuation. However, a few assets have managed to stand strong, far from what everyone thought, and Shiba Inu is one of them.

In a recent X post, the Ethereum co-founder Vitalik Buterin acknowledged that Shiba Inu performed above his expectations. 

Buterin Expected the Shiba Inu Project Will Crash 

Buterin’s disclosure came as a response to a post from a Web Designer and Director at Frostwork, Nathan Young.

Shiba Inu Exceeded Expectations, Says Ethereum Founder Vitalik Buterin

Spotlighting the crypto holding of the Future of Life Institute (FLI), an AI research-focused non-profit firm, Young said he never expected the entity to have such a huge crypto balance. 

Shiba Inu Exceeded Expectations, Says Ethereum Founder Vitalik Buterin

FLI is among the beneficiaries of Vitalik Buterin’s massive donations of Shiba Inu. Recall that Buterin received 50% of SHIB’s total token supply from the project’s anonymous founder, Ryoshi.

The Ethereum co-founder incinerated 410 trillion SHIB, gaining the trust of the SHIB Army while donating the rest to charity in May 2021. Notably, FLI was one of the beneficiaries of Buterin’s SHIB donation.

Further, Young noted that FLI received Shiba Inu when the tokens were at low prices. However, recent information from a filing disclosed the tokens are now worth up to $655 million.

Responding to Young’s statement, Buterin compared FLI’s case to CryptoRelief, an Indian charity organization that also received his SHIB donations. Notably, On May 12, 2021, Buterin sent 50.6 trillion SHIB coins, worth $1.2 billion at the time, to Crypto Relief. 

Based on his expectations, the organization could only salvage between $10 to $25 million from the donated amount. The Ethereum founder mentioned that he expected Shiba Inu to crash 100x shortly after receiving them, so he gave out the coins as quickly as possible. 

However, to his surprise, SHIB performed exceptionally, outperforming Buterin’s expectations and reaching its ATH of $0.00008845 in October 2021. This gave the non-profit firms a fat crypto balance.

SHIB Price Action

Recently, Shiba Inu has posted notable gains, securing a spot among the top 10 crypto assets. Though SHIB later slipped to eleventh crypto by market cap, its fight to reclaim its value is still impressive.

SHIB trades at $0.00003046, indicating a 2.74% price increase over the past 24 hours. The meme coin is among the few cryptocurrencies playing in the green today. Moreover, its market cap now sits at $17.94 billion.

SHIB’s price action over the past seven days and 30 days reflected an increase of over 20% and 190%, respectively. Also, its trade volume recorded an impressive 41.62% surge to reach $2.32 billion.


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