Ethereum co-founder Vitalik Buterin became the latest crypto billionaire last week after Ether (ETH) earnings topped $ 3,000. After accomplishing this feat, ETH officially made Buterin a billionaire as he owns around 330,000 ETH. After unlocking this feat, ETH surged further and entered the $ 4,000 level.
At the time of writing, ETH is trading around $ 4,347, after gaining 10.41% in the last 24 hours and 28.81% in the last seven days. Thus, all of Buterin’s ETH holdings are now worth approximately $ 1.4 billion. Considering that Buterin’s ETH wealth is only $ 1.4 billion, one wonders where the remaining $ 13.8 billion came from.
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To solve this mystery, Buterin’s Ethereum wallet shows that he has $ 13.8 billion of SHIB, the native token of the Shiba Inu project, which mimics Dogecoin (DOGE). This project reportedly gave Buterin 50% of its total supply, which is 1 trillion tokens. While the witness was practically useless as the project started, it surged 43.860% in the last 30 days to become the 20th largest cryptocurrency by capitalization.
A risky strategy
Explaining how Buterin came to be the largest SHIB whale, the project whitepaper called WoofPaper read:
After we finish minting 1 trillion tokens, we put half in UniSwap and throw away the keys. Then the remaining 50% was “burned” in the wallet of Vitalik Buterin, which was the beginning of our army.
Through this strategy, the project seeks to ensure that the price of the token continues to rise as long as demand continues to increase. Since speculators are trying to cash in on the next big thing after DOGE, the coin could have a fighting chance.
However, this approach could end up hurting speculators, considering that the claim that the tokens sent to Buterin’s wallet were burned is not accurate. This is because Buterin has not burned any of the chips. According to WARONRUGS, a well-known Twitter account that examines cryptocurrencies to identify those at risk of a carpet pull, Buterin can easily attack SHIB users. This is because you can easily sell your SHIB whenever you want, especially now that the tokens are worth a fortune.
✅ We checked SHIBA INU $ SHIB 0x95aD61b0a150d79219dCF64E1E6Cc01f0B64C4cE and found low severity issues.
– Regular ERC20 contract
– 100% liquidity is stored in @VitalikButerin wallet
– 50% of the supply is stored in @VitalikButerin wallet
– # WARONRUGS❌ (@WARONRUGS) January 30, 2021