Shiba inu dog laying on the ground

Vitalik Tipped 505 billion Shiba Inu (SHIB) Tokens Now Worth $11 Billion

Ethereum founder Vitalik Buterin’s Ethereum address has been gifted a hefty sum of “Dogecoin killers” this 2021 bull run, with the ETH address recently receiving a windfall of over 505 billion Shiba Inu (SHIB) tokens - worth over USD $11 billion as of date of publication. 

According to the Shiba Inu white paper, the 505 billion tokens were transferred to Buterin’s wallet to act as a de facto “coin burn,” removing the tokens from circulation (unless Vitalik has other plans) to create a scarcity. SHIB founder, Ryoshi, noted “We sent over 50% of the total supply to Vitalik. There is no greatness without a vulnerable point and as long as VB doesn’t rug us, then SHIBA will grow and survive.”

Buterin’s ETH address has also seen a hefty gift of Akita Inu (AKITA), valued just over USD $480 million as of 5/12/2021. Other “petcoins,” such as Dogelon (ELON), HuskyToken (HUSKY), and Bulldog (BDOG) have taken a similar, no-so-subtle marketing approach, also sending 50% of their token supply to Buterin’s ETH address. 

Petcoins and other memecoins in the cryptosphere have enjoyed increased exposure over the past several months thanks to Dogecoin’s meteoric 10000% rise this year alone - partially attributed to Tesla and SpaceX founder Elon Musk’s outspoken support. 

What are your thoughts on the increase of memecoins and petcoins this 2021? Is it healthy for the crypto ecosystem? Is it a net positive or negative? Do you see SHIB, AKITA, and DOGE newcomers spilling into Bitcoin and Ethereum? 

-Obiter Cryptum

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