In an unprecedented turn of events, Ethereum’s co-founder Vitalik Buterin recently took to a post on X, lauding the Shiba Inu cryptocurrency, sparking immense enthusiasm across the broader crypto market. Dated today, March 27, this post by Ethereum’s co-founder underscored SHIB’s notable pumps ever since its venture into the crypto realm, outperforming the market’s and Vitailk’s expectations.

This concerns Vitalik’s massive Shiba Inu donation to FLI, Future of Life Institute, a nonprofit firm that pursues the development of strict safety rules on artificial intelligence (AI). Meanwhile, the SHIB cryptocurrency noted a substantial upward movement today, aligning with the optimism birthed with Vitalik’s post, trading above the $0.3 mark as of press time.

Vitalik’s SHIB Donations Outperform

According to Vitalik’s post on X, the SHIB donation sent to FLI left the industry with the impression that undervalued assets were being donated. However, mirroring SHIB’s recent notable pumps, these donations are now valued at over $600 million, reverberating a craze within the market.

Concerning this, Vitalik recalled a similar previous chronicle, spotlighting his donations to CryptoRelief India during the time of COVID. Reminiscing this incident, Vitalik stressed that he “quickly sent a pile of SHIB, thinking it would surely drop 100x in a few days.” However, the dog-based meme token outperformed. This phenomenon, highlighted by the Ethereum co-founder, promptly gained traction across the broader crypto market, coming in tandem with Shiba Inu’s today’s price rally.

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

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Shiba Inu Price Soars

As of writing, the Shiba Inu token’s price jotted a substantial uptick of 8.27% over the past 24 hours and is currently trading at $0.00003133. Followed by an 8.11% increase in the token’s market cap and a 40.48% surge in the 24-hour trading volume, SHIB curated bullish waves across the vast sea of crypto.

This bullishness further anchored its foothold as derivatives data unveiled by Coinglass portrayed an uptrend for SHIB in the market. The meme coin’s open interest surged 17.86%, whereas its volume in the derivatives market noted a staggering 76.21% upswing, signaling heightened market activity and substantial money inflow. This collectively painted a bullish portrait for Shiba Inu today, with Vitalik Buterin’s remarks further fueling this bullishness.

Also Read: KuCoin Hit by $200M Withdrawal Surge After DOJ Charges

The post Shiba Inu: Ethereum’s Vitalik Buterin Lauds SHIB, Price Rallies 8% appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am