What is the FUD on $SHIB - Did Vitalik Buterin Rug Pull the Meme Coins

By ac2l | Altcoins that has potential | 12 May 2021


So this is a big story & a lot of intellects who had their ego hurt by $SHIB are now creating FUD. Let's start with this story - https://www.thestreet.com/crypto/ethereum/vitalik-buterin-gives-1-billion-to-india-covid-relief-after-memecoin-selloff

Vitalik Buterin the co-founder of Ethereum donated nearly 1B $ of $SHIB to the Covid Relief Fund of India.

How did he get this $SHIB - basically all these meme coin creators, put 50% of the Supply to Vitalik Buterin's Ethereum address which is pretty open to anyone to deposit. $SHIB did it first & pretty much every other copycats followed from $AKITA, $ELON etc.

Why did these meme coin creators give him 50%. You can read it here - https://shibatoken.com - but it could be for a number of reasons including trying to get credibility for their project showing a mark of respect to him. So he donated all those free meme coins he got.

That's good for Covid India Relief. The fund started by @0xPolygon cofounder @sandeepnailwal
But why the FUD. So the people who were aggravated by the rise of $SHIB have started flouting this as a rug pull in social media. A rug pull is when a token creator mass sells tokens.

I am not a big supporter of these meme coins as well. Doesn't teach patience or intrinsic use case & value. Could attract more draconian crypto regulations that could be harmful. But at the same time the rug pull FUD is too much. Why? Read Sandeep's tweet.

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So Sandeep who runs Polygon ecosystem, assures that they are going to protect the retail community of $SHIB knowing very well, if they mass sold the donated $SHIB it will hurt a lot of Naive new investors. Obviously all meme coins have lost almost 50%.

And that's the importance of risk management that I have been explaining - realizing profits, not jumping into a coin after it has had a massive increase, not putting too much money into such crypto & all that.

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ac2l
ac2l

Youtuber & Blogger - Anand Chennai2London


Altcoins that has potential
Altcoins that has potential

In my EP03 in Crypto video series of my Youtube Channel, I did a demo of an Indian Crypto exchange called WazirX and suggested to buy their Own Crypto coin - WRX. That video - https://youtu.be/n0qS7DwqtTM - was published on 28-Sep-2021 when WRX was roughly 0.07$ . Today WRX touched $ 5.26 before settling down to 4 $ now. That is roughly 58 times or 5800% growth in 6 months.

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