After the dogecoin hype invoked a new ERC20 token project called Shiba Inu, the crypto asset has been making waves throughout the crypto industry.
On Wednesday, the co-founder of Ethereum, Vitalik Buterin donated $1 billion worth of Shiba Inu to India’s Crypto Covid Relief Fund. Then a few days later on Sunday, Buterin decided to burn 410.24 trillion Shiba Inu tokens worth over $6 billion using today’s exchange rates.
A new token called Shiba Inu (SHIB) has been a topical discussion within the digital currency community, aside from the recent focus on Tesla’s Elon Musk. The coin first started making headlines because of dogecoin (DOGE), as the ERC20 token is considered the “dogecoin killer” and the coin has turned people into multi-millionaires almost overnight. Additionally, five days ago, the co-founder of Ethereum, Vitalik Buterin, decided to donate around $1 billion worth of SHIB to India’s Crypto Covid Relief Fund.
Today, SHIB is exchanging hands for $0.00001538 per unit and is down by 1.21 percent as of press time. At the time of writing, there is a massive circulating supply of over 394 trillion SHIB. The SHIB market has an overall valuation of around $8 billion with more than $3 billion in global trade volume. The Shiba Inu project has a sizable community, a “woofpaper,” and the team’s vision simply claims to be “Decentralized Meme Tokens that grew into a vibrant ecosystem.”
After seeing massive gains in recent times and making headlines stemming from the recent Covid-19 relief effort donation, Vitalik Buterin brought SHIB into the spotlight again.
During the late evening hours on Sunday, Buterin burned 410.24 trillion SHIB and left a message in the transaction hash.
“I’ve decided to burn 90 percent of the remaining Shiba tokens in my wallet. The remaining 10% will be sent to a (not yet decided) charity with similar values to cryptorelief (preventing large-scale loss of life) but with a more long-term orientation,” Buterin said.
Buterin also commented on the recent “dog token” communities.
“I’ve actually been impressed by how the dog token communities have treated the recent donations,” Buterin’s message said. “Plenty of dog people have shown their generosity and their willingness to not just focus on their own profits but also be interested in making the world as a whole better. I support all who are earnestly doing that,” he added.
Moreover, Buterin further added that he wished ERC20 project creators sent funds to charitable efforts rather than to his wallet. Buterin insisted: “I don’t *want* to be a locus of power of that kind.”
The crypto community was informed immediately about the burned 410.24 trillion SHIB with an estimated value of $6.6 billion.
The Twitter account called “Shib Informer” wrote about Buterin’s billion-dollar token burn after the event. “25 minutes ago Vitalik Buterin burned most of his SHIB wallet. He has only 5 percent instead of 45 percent,” the account tweeted.
“I hope some of you are at least able to recognize the good deeds he has done both for the world and for the #SHIBArmy,” the SHIB Twitter account added. “You were all literally doubting a person -which is also one of the smartest persons in the world- that could have destroyed SHIB if he wanted but instead [chose] to use our token to improve the lives of thousands that were suffering.”
Dogecoin Inspired NFT Sold For $4M
Dogecoin has seen significant attention in 2021 in tandem with its dramatic price rise. Capitalizing on this rise in attention, someone sold a non-fungible token (NFT) of the picture on which the Dogecoin (DOGE) cryptocurrency was based.
“The original image that started it all,” read the description of the NFT, sold on auction. “This photo of the Shiba Inu ‘Kabosu’ was taken by her owner Atsuko Sato on February 13th, 2010,” the description explains, adding:
“After sharing it to her personal blog alongside the series of other famous images under the title ‘Taking a walk with Kabosu-chan,’ these photos went on to kickstart the Doge meme and have circulated the web ever since — none more iconic than this picture.”
The NFT was minted by a user named @kabosumama on May 31, according to the auction site. The first bid landed on June 8 from a user willing to pay 6.5 Ethereum (ETH) for the piece. Bidding escalated from there. The winning bid of 1,696.90 ETH — over $4M at time of publication — was wagered on June 11.
Topping above $0.70 per coin, Dogecoin’s price has risen substantially in 2021. The asset, however, has fallen notably since then, in line with the rest of the crypto market recently, trading at roughly $0.32 as of the time of publication.
Elon Musk, the self-proclaimed CEO of Dogecoin, has posted a number of Dogecoin-related tweets in recent months. Jackson Palmer and Billy Markus created the asset in 2013 as a meme-based crypto parody.
Confident Analyst Says $288k BTC Still In Play
Bitcoin (BTC) can still hit an average price of $288,000 in the next three years, confident analyst @PlanB has said after BTC/USD shed 7 percent on June 12.
In a tweet on Saturday, the creator of the popular stock-to-flow Bitcoin price models cast aside doubts over the Bitcoin bull run continuing.
Alongside a chart describing Bitcoin as “going for gold,” PlanB was characteristically cool about Bitcoin’s recent progress despite a failure to break out above $40,000.
As Cointelegraph reported, concerns from traders and external sources alike have been mounting over the past week, these centering on a possible deeper BTC price correction.
“$288K still in play,” PlanB retorted.
“It would really surprise me if bitcoin would not touch the black S2FX model line this phase. Regardless of the current volatility.”
Such “surprise” would provide a serious test for the model, which has so far charted Bitcoin’s growth with unique precision.
The $288,000 price tag refers to an average value called for by the Stock-to-Flow Cross-Asset (S2FX) iteration, while a previous version requires a more modest $100,000 average. Both are based on the current halving cycle, a four-year period between block subsidy halvings due to end in April 2024.
Earlier, Cointelegraph noted that spot price deviation from S2F readings has reached levels that normally see a rebound and a new all-time high.
In additional comments, PlanB noted that 2021 really did fit with behavior from other all-time high years — 2013 and 2017 — further quashing suggestions that Bitcoin is facing serious problems.
“Deviation is not much different from 2013 (S2F ~10) or 2017 (S2F ~25), just the usual inertia after a halving,” he told Twitter users. Bitcoin has a “bullish ace up its sleeve”
Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, has added to the upbeat mood over the power of the halvings.
On Saturday, he described Bitcoin’s declining supply as a “bullish ace” for the largest cryptocurrency which can naturally boost the price.
“Bitcoin $100,000 Has Bullish Ace Up Its Sleeve: Declining Supply — This year follows a cut in Bitcoin supply, making the price more likely to appreciate if past patterns hold,” he summarized.
His bullishness comes as Taproot, described as the most important Bitcoin network upgrade in four years, is locked in for activation by nodes.
Due in November, Taproot provides a host of improvements that will, among other things, make it cheaper to use some key features such as multi-signature transactions.
Bitcoin Mining Council Confirms Elon Musk Has No Role in The Council
The Bitcoin Mining Council made a formal debut on Thursday as the debate regarding the environmental impact of the digital asset intensifies.
The Bitcoin Mining Council describes itself as a “voluntary and open forum of Bitcoin miners committed to the network and its core principles.” Its mandate is to promote transparency, endorse good practices, and foster Bitcoin education according to the official website.
MicroStrategy CEO Michael Saylor is one of the founding members, who posted a call to arms on his Twitter feed on Thursday.
“The Bitcoin Mining Council is a voluntary and open forum of Bitcoin miners committed to the network and its core principles. We promote transparency, share best practices, and educate the public on the benefits of #Bitcoin and Bitcoin mining”.— Michael Saylor (@michael_saylor) June 10, 2021
The organization consists of a group of energy-conscious North American Bitcoin mining companies. It was first suggested by Elon Musk in a tweet in late May, but he has since clarified that he will have no role at the council. The site goes out of its way to underline this point:
“Elon Musk has no role at the BMC. The extent of his involvement was joining an educational call with a group of North American companies to discuss Bitcoin mining.”
In addition to MicroStrategy, founding members include investment management firm Galaxy Digital, blockchain mining company Argo, blockchain technology firm Hive and Bitcoin mining company Riot. The founding members will cover any running costs and invite any Bitcoin miner from anywhere around the world to join. It stated that any miner joining should:
“Believe that transparency around energy usage for mining is important and agree to voluntarily share their energy mix and hash rate size for research and educational purposes.”
The BMC will hold quarterly meetings in order to analyze mining trends, partner with industry researchers, gather data for educational purposes, and foster growth in the North American BTC mining industry.
The group confirmed that it is completely independent of the Bitcoin network itself and has no intentions to disrupt its decentralization.
“We don’t seek to change the decentralized nature of Bitcoin or its core principles, but rather are working to raise awareness about Bitcoin and Bitcoin mining.”
It added that the council believes that Bitcoin’s energy usage is a feature, not a bug, providing tremendous network security. The energy consumption of global mining operations has come under the spotlight recently in the wake of Musk’s comments regarding its environmental impact.
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