Honestly, nobody was expecting this! Shiba Inu coin was the talk of the town for this whole week! It was rising like crazy!
Now it was severely hit by Ethereum owner Vitalik Buterin! Basically, he just pulled the rug out under Shib. This is absolutely depressing for those who were actually interested in all the meme coins. Vitalik owned a ridiculous amount of Shib because the creator of Shib sent 50% of the entire supply to his wallet.
Here's More about this news if you want to read!
Obviously, the thought behind this action was Vitalik was going to hold onto this, and he won't dump the entire 50% supply.
We locked the 50% of the total supply to Uniswap and threw away the keys!
The remaining 50% was burned to Vitalik Buterin, and we were the first project following this path, so everyone has to buy on the open market, ensuring a fair and complete distribution where devs don't own team tokens they can dump on the community. - Source
I also didn't expect that The Ethereum owner will send all of his shares to the charity and leave everybody behind hanging in the market! But that's what he did, which is very depressing for all the Shib investors!
The dump just happened 4 hours ago, and since then, Shib's price is going down like crazy. It was down by 35% the time of writing and still going down because I think people are doing Panic Sell!
Now, let's have a look at where he dumped all of his Shib coin holdings. If you look at the transaction on Etherscan, you will see that Vitalik sent 50,693,552,078,053 Shib coin (Currently worth $1,057,974,431.87 according to market price); to the Indian Covid relief fund for helping people in this bad covid situation!
If you look at one of Vitalik's wallets, you'll see he is dumping Shib coins along with other meme coins he has. Ok, I told that it was a noble cause, but not so noble, actually. Because technically it wasn't his money, he got it from Shib's owner. And he sent it to relief where people are losing money because of his action! The market is down by 35%, and it was people's money actually.
Fun Fact: The suggestion to all meme coin owner is that do no send the majority of coins to a single person. You could have sent some to Elon Musk as well!
Vitalik action's hurt other meme coins like Dogelon Mars, Akita Inu pretty hard as well. I hold some Dogelon coin, and my portfolio doesn't look healthy as it was 4 hours ago.
But still, I'm holding because here is the one person trying to crash the memecoin's market. But some significant influencers like Elon Musk, Mark Cuban can help those coins get back to bullish move again.
If you look at Dogecoin, you'll see that the news didn't affect Dogecoin a lot. Just a few cents only. It could be the news that maybe Tesla is going to take Dogecoin as payment. SpaceX already announced that they would send Doge-1 to the moon!
And I just got the news that Tesla isn't going to accept Bitcoin as payment anymore. Maybe later again, but not this time! Have a look at Elon Musk's recent tweet -
https://twitter.com/elonmusk/status/1392602041025843203
- elonmusk
This clearly shows that the time of Dogecoin is coming, and I won't be surprised if I see the price of Doge at $5 in the coming years.
Let's get back to Shiba Inu. People are making fun of Vitalik on Twitter; some are angry as well! But it happens - ups and downs in the market, that's how it is!
You should understand the market and invest only what you can afford to lose!