![]() ![]() Although the price of the coin dropped 35% immediately after the transfer, Shiba Inu collected widespread media attention, which drew additional people to its online community. It was only when some of these transactions began failing that Buterin stopped the conversions.īuterin also decided to donate about $1 billion worth of Shiba coin to an Indian COVID-19 relief fund, the largest such philanthropic donation of its kind. The warning was not unfounded, as Buterin began dumping large swathes of Shiba coin immediately after, and swapping it for Ethereum over several transactions. This came with risks including, as Ryoshi identified, the possibility that Buterin could “rug” the currency. The post appeared to suggest strong ties to Buterin (which was later discredited) and was meant to gain visibility. In the first post, for example, the founders included links to the coin supply that was sent to Buterin, as well an image of Buterin allegedly in Japan. SHIB creators first garnered viral attention when they announced that roughly half of the total $SHIB supply was gifted to Ethereum founder, Vitalik Buterin.
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