Shiba Inu: Ethereum Founder Speaks on’s 20% SHIB

Paigambar Mohan Raj
Source: U.Today

Ethereum co-founder Vitalik Buterin was recently spotted at LABITCONF (Latin America Bitcoin and Blockchain Conference) Argentina. At the conference, Buterin was asked about his thoughts regarding’s 20% Shiba Inu (SHIB) reserves. Hearing this, Buterin first raised his eyebrows and then shared his thoughts.

The first thing Buterin said was,

“Wow. 20% in Shiba Inu.”

Buterin then went on to say that it was impressive for to have that much SHIB. The 28-year-old programmer further added that he was impressed Shiba Inu still had a $6 billion market cap.

However, the Ethereum co-founder did say that he does not understand the psychology of a person who holds $10 million in SHIB “right now.”

Buterin’s response is no surprise, given that the popular canine-themed crypto project has lost a lot of value over this year. Just recently, SHIB’s market cap fell below $6 billion, currently standing at $5.4 billion.

Now Buterin is no stranger to Shiba Inu. The programmer was gifted half of all SHIB when it was created in August 2020. Buterin, not knowing what to do with it, decided to burn 90% of his share. He then donated $1 billion worth of SHIB to the Indian Covid-19 effort, as the country was gravely affected at the time.

Will Shiba Inu make a comeback soon?

SHIB is undoubtedly one of the most popular crypto tokens ever. The project has a hardcore fan base who are always around to offer support. Moreover, the project has some interesting launches scheduled for the near future. The most anticipated launch is the Shibarium, the project’s layer-2 network. Shibarium aims to reduce transaction costs while increasing speed. The project is also working on two additional tokens, a reward token called TREAT and a stablecoin called Shi.

If the launches go according to plan, we could see a reversal in SHIB’s price. However, there is a general ambiance of fear and uncertainty in the crypto markets right now. Hence, the team may decide to push the launches to a later date after the markets have stabilized. Nonetheless, once the markets come around, SHIB could see another bull run, like it did in 2021.

At press time, Shiba Inu (SHIB) was trading at $0.00000921, down by 1.8% in the last 24 hours.