The post SHIB Massively Outperformed My Expectations, Says Vitalik Buterin’s appeared first on Coinpedia Fintech News

Shiba Inu (SHIB) , the popular meme coin, has once again surprised the crypto community by exceeding expectations. Ethereum founder Vitalik Buterin recently revealed that SHIB has massively outperformed his earlier projections for the project. 



This acknowledgment comes as a revelation, considering Buterin’s initial skepticism towards the meme coin’s potential.



Shiba Unexpected Surge



During an unexpected exchange initiated by Nathan Young, a notable figure in web design and director at Frostwork, Vitalik Buterin, Ethereum’s co-founder, made a surprising revelation. 




It's the same situation as with cryptorelief: I quickly sent a pile of SHIB, thinking it would surely drop 100x in a few days so I had to act fast, and expecting they would be able to cash out at most like $10-25m. But of course SHIB massively outperformed my expectations… — vitalik.eth (@VitalikButerin) March 26, 2024




Young’s tweet drew attention to the significant crypto holdings of the Future of Life Institute (FLI), a non-profit organization focusing on AI research. This discussion highlighted the unexpected success of Shiba Inu (SHIB), largely due to Buterin’s involvement.



Initially thought to be just a small value, it turned out that SHIB in FLI’s holdings was worth a whopping $665 million, which shocked many including Buterin. This revelation reminded Buterin of a situation by CryptoryRelief, an Indian charity that received 50.6 billion SHIB token donations from him.



Shiba’s Saw Slight Drop



Contrary to his expectations, SHIB continued to rally, reaching an all-time high in October 2021. Buterin acknowledged that SHIB’s impressive performance exceeded his forecasts, demonstrating its resilience edge, and relevance in the crypto market.




gm Crypto Relief India was the COVID fund that received $1.5B in SHIB from Vitalik Buterin. In 2021, they raised over $460M from selling off the SHIB to Wintermute. Last night, they sent $90M to a Multisig owned by Vitalik's team to fund medical research. https://t.co/NT8UbcR8Zy pic.twitter.com/CNn17xgbFh — Arkham (@ArkhamIntel) June 9, 2023




Although the value of SHIB initially declined after Buterin’s contribution, it rebounded significantly. If CryptoRelief held the tokens, they would still be highly profitable, indicating SHIB’s staying power.



Shiba Inu Price Analysis



Currently, the Shiba Inu token shows a notable 8.27% price increase in the last 24 hours, reaching $0.00003133. Alongside this rise, there’s an 8.11% uptick in market capitalization and a significant 40.48% surge in trading volume.



However, the meme coin witnessed a 17.86% surge in open interest, while its derivatives market volume spiked by a staggering 76.21%. These increases signal heightened market activity and significant money inflow.