Vitalik Buterin’s Remark: SHIB Surpassed My Expectations by a Huge Margin
Shiba Inu (SHIB), the beloved meme coin, has once again astonished the crypto community by surpassing all expectations. Vitalik Buterin, the founder of Ethereum, recently admitted that SHIB has far exceeded his earlier projections for the project.
This revelation comes as a surprise, considering Buterin’s initial doubts about the potential of the meme coin. During an unexpected exchange with Nathan Young, a prominent figure in web design and director at Frostwork, Buterin made a startling confession.
“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…” Buterin tweeted.
Young’s tweet drew attention to the significant crypto holdings of the Future of Life Institute (FLI), a non-profit organization focused on AI research. This discussion shed light on the unexpected success of Shiba Inu (SHIB), largely due to Buterin’s involvement.
Initially believed to have little value, it turned out that SHIB in FLI’s holdings was worth a staggering $665 million, which shocked many, including Buterin. This revelation reminded Buterin of a situation involving Cryptorelief, an Indian charity that received 50.6 billion SHIB token donations from him.
Contrary to his expectations, SHIB continued to surge, reaching an all-time high in October 2021. Buterin acknowledged that SHIB’s impressive performance exceeded his forecasts, demonstrating its resilience and relevance in the crypto market.
Although the value of SHIB initially dropped after Buterin’s contribution, it eventually made a significant rebound. If CryptoRelief had held onto the tokens, they would still be highly profitable, indicating SHIB’s enduring strength.
Currently, the Shiba Inu token has experienced a notable 8.27% price increase in the last 24 hours, reaching $0.00003133. Alongside this rise, there has been an 8.11% uptick in market capitalization and a significant 40.48% surge in trading volume.
Furthermore, the meme coin has witnessed a 17.86% increase in open interest, while its derivatives market volume has spiked by an astonishing 76.21%. These increases indicate heightened market activity and a significant influx of funds.