Entertaining crypto Shib with it come up to be a Doge coin killer!!
Yesterday, checked out a crypto called $Shib, with Digifinex Exchange’s making a very interesting infographic on that crypto. This coin was created as a Doge coin killer.
This got me from a laugh as I have heard of Ethereum killers and now there are Doge coin killer cryptos coming up. Ok. Doge coin was meant to be a joke coin but it has inspired other crypto projects to establish a serious mission of being a Doge Coin killer, interesting.
Tokenomics of this woof coin designed to make Shiba Inc Coin decentralized
$Shib’s website explained very different fair tokenomics of this coin, something which I again never heard of.
Basically, all the team of this Shiba Inc Coin project own no Shib tokens as 50% of their tokens are locked on Uniswap with their private keys forgone and then the other 50% of Shib tokens were sent to Vitalik Buterin’s main wallet to be burnt.
This was a kind of decentralisation with the team of the project holding no coins to dump them in the market and manipulate crypto prices to bring them all down. All this sounded very good.
Unexpected huge sell off of Shib coin
However… well. Yesterday, something very unexpected happened which infuriated Shib crypto traders against the founder of Ethereum, Viitalik Buterin. Vitalik sold off this Doge clone coins in his wallet which was supposed to be burned and the price of $Shib went down.
Recent Price action of Shib. Chart from https://www.tradingview.com/chart/jCWaxKNy/
These traders don’t seem to be convinced about Vitalik’s move even if those coins sold were not for profits, as they were all donated by this 27 year old crypto billionaire, Vitalik Buterin to charities like India’s Crypto Covid Fund https://cryptorelief.in/ , on which I have written here and other charities working to save countless lives of people.
A trader used a very costly way to vent his angry on Vitalik Buterin
One trader has spent $1,651 in gas fees to create this angry message to Vitalin Buterin on Ethereum Blockchain - “F*** Vitalik Buterin.”
Ha..ha, if that trader could have rather given me that money I would have used it to buy the Bitcoin dip, rich people can afford to vent their anger on Blockchain in this costly way, anyhow.
Parallel incidents that brought the crypto market down yesterday
There was another interesting event that brought the crypto market down, with Tesla’s Elon Musk declaring that Tesla would stop accepting BTC payments because Bitcoin Network is not clean with its high energy consumption.
BTC price falls before 50,000$ yesterday - https://www.tradingview.com/chart/jCWaxKNy/
Angry Bitcoin lover cancels the order of purchasing Tesla car
There were angry Bitcoin lovers that hit back on him with one cancelling his Tesla car purchase order all because the BTC payment option was removed.
Interesting that we have rich people who can afford to buy Tesla, and their love for Bitcoin surpasses their desire to get Tesla, perhaps they wanted to buy that Tesla only because that company was pro Bitcoin a while back. That’s their BTC love.
Plenty of reasons for me to admire Vitalik
Alright, these dramas can go on, but well it’s just entertainment for retail investors like me. I have enough reasons to be angry with Vitalik for Ethereum’s fees, yet I respect that guy who was a 19 year old kid when he made the whitepaper for Ethereum.
Now thanks to him, other Blockchain platforms are coming up like Polkadot, Ada, whose founders Gavin Wood and Charles Hoskinson have gained experience working in the development of Ethereum as they were co-founders of Ethereum.
Plus I esteem Vitalik for donating so much funds to India's Crypto Covid Fund, it means a lot to hear such news when it’s just horrible Covid pain for those in India right now.
Thankyou, for reading. My other recent crypto articles can be read here they were about a chain-agnostic Decentralised Liquidity Aggregator Dex, Orion Protocol. Don’t forget to upvote my articles if you liked them.