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Dogecoin Knockoff ‘SHIB’ Puts $8 Billion in Ethereum Founder’s Pockets

May 10, 2021

Reading Time: 2 minutes

Dogecoin investors are in pleasant awe after the coin’s value rose by 128%, but not as much as Vitalik Buterin, who woke up $8 Billion richer from the Dogecoin knockoff, SHIB.

In an interview on Saturday Night Live yesterday, popular Dogecoin enabler Elon Musk made a somewhat controversial comment that tanked the prices of Doge almost immediately.

During the interview, Elon was constantly asked what Dogecoin is, and having previously referred to himself as the Dogefather, he answered;

Dogecoin is the future of currency, and a cryptocurrency people could trade and earn conventional money.

“Ooh, so it’s a hustle?” the interviewer asked, upon which he affirmed. “Yeah, it’s a hustle.”

The remarks made tanked the prices of the Doge by 35%($0.47) yesterday and did not recover until later last night ($0.58).

Impressively, the down surge in price was short-lived, and it did not stop the Dogecoin Kickoff from rising massively(128%), and currently trades at $0.00001593 with over $6.2 billion worth in circulation.

How $8 Billion Landed in Ethereum Founder’s Pockets

Ethereum’s co-founder Vitalik Buterin woke up $8 Billion richer from the Dogecoin Knockoff, SHIB.

Buterin has unknowingly been receiving half of the token supply for over a year from its developers. Once interviewed, the team explained that they did this in order to remove them from circulation and retain value.

And so the interesting question arises, will Buterin keep the $8 billion worth of SHIB?

Buterin can sell his assets whenever he wishes, but that will lower the value of a SHIB. He would also choose to burn the private key to his wallet and rest the case. Anyway. Why would Ethereum’s co-founder tarnish his name for just an equivalent of 200ETH?

SHIB is one of the meme tokens inspired by Dogecoin. The token was launched last August and came to the limelight around April. On Doge day, the coin’s value increased by 3900%, and yesterday reached a massive high of $0.0000195 before Elon’s comments.


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