Ethereum founder Vitalik Buterin admits Shiba Inu exceeded his expectations after donating tokens to charity.

Shiba Inu’s unexpected rally challenges industry norms, hitting an all-time high despite initial skepticism.

Ethereum founder Vitalik Buterin recently acknowledged that Shiba Inu (SHIB) has exceeded his initial expectations for the project. Buterin’s admission came in response to Nathan Young, a Web Designer and Director at Frostwork, who highlighted the significant value of SHIB tokens held by the Future of Life Institute (FLI), a non-profit focused on AI research. 

FLI was one of the beneficiaries of Buterin’s SHIB donations, where the tokens’ worth was revealed to be a staggering $665 million, far surpassing previous estimates. Buterin’s surprise echoes his similar experience with CryptoRelief, an Indian charity to which he donated SHIB tokens. Despite anticipating a price crash for SHIB shortly after receiving the tokens, Buterin’s expectations were confounded as the meme-inspired cryptocurrency continued its meteoric rise.

Initially, Buterin expected SHIB’s value to plummet, a common trend with meme coins. Consequently, he swiftly donated a substantial portion of his SHIB holdings to charitable organizations, including FLI and CryptoRelief. However, SHIB defied expectations by maintaining its upward trajectory, ultimately reaching an all-time high of $0.00008845 in October 2021, five months after Buterin’s donations. Despite a brief 30% drop in value following the CryptoRelief donation, SHIB quickly rebounded, showcasing its resilience in the face of market fluctuations.

It’s the same situation as with cryptorelief: I quickly sent a pile of SHIB, thinking it would surely drop 100x in a few days so I had to act fast, and expecting they would be able to cash out at most like $10-25m. But of course SHIB massively outperformed my expectations…

— vitalik.eth (@VitalikButerin) March 26, 2024

SHIB Continues to Surpass Industry Expectations

Three years later, Shiba Inu remains relevant in crypto, continually striving to solidify its position among the top cryptocurrencies. As of the latest data, the price of the Shiba Inu token has experienced a notable uptick, increasing by 8.27% over the past 24 hours and reaching a trading price of $0.18. This surge in price is accompanied by a 2% increase in market cap and a remarkable 8% surge in 24-hour trading volume, signaling bullish sentiment and heightened market activity surrounding SHIB.

Additionally, derivatives data indicates a bullish trend for SHIB, with significant upticks in open interest and trading volume, signaling heightened market activity and inflow of capital. These developments and Buterin’s acknowledgment of SHIB’s resilience further bolster confidence in the prospects of cryptocurrency.

Shiba Inu (SHIB) has experienced a notable surge in on-chain activity, accompanied by a significant increase in large transactions, signaling heightened engagement from major players in the market. According to data from IntoTheBlock, the volume of large transactions within the last 24 hours has risen by 50%, climbing from 4.79 trillion to 7.23 trillion. This surge translates into a substantial increase in monetary terms, soaring from $141.7 million to $219.23 million.

Growing Interest from High-Net-Worth Individuals

The uptick in large transactions indicates a growing interest in the Shiba Inu token among high-net-worth individuals, as evidenced by the rise in transactions exceeding $100,000. Within the past day alone, the system recorded 539 such transactions, indicating a notable increase compared to the previous day’s figure of 418.

This surge in on-chain activity coincided with SHIB’s price breaking through a key resistance level of around $0.00003 per token. Following days of testing, the price surged to $0.000045 per SHIB. 

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Filed under: Bitcoin - @ March 27, 2024 8:34 pm