In an engaging post on the X/Twitter platform, Ethereum cofounder Vitalik Buterin brought the Shiba Inu (SHIB) meme cryptocurrency into the spotlight, stirring a flurry of reactions from the SHIB community and various crypto influencers.
The enigmatic SHIB lead, Shytoshi Kusama, joined the conversation by responding to Buterin’s tweet with enthusiasm.
The dialogue was sparked by Buterin’s reflection on a significant moment involving the Shiba Inu cryptocurrency.
He reminisced about when he received a massive amount of SHIB—500 billion coins, precisely half of the meme coin’s total supply—from the project’s anonymous founder, Ryoshi, in 2021.
Buterin revealed his decision to donate a substantial portion of this SHIB to charity, motivated by his expectation that the coin’s value would plummet dramatically.
He aimed to ensure the charities could benefit from the donation, hoping they could cash out between $10 million and $25 million.
However, SHIB’s performance exceeded his expectations, a development that was warmly received by the SHIB community.
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“But of course SHIB massively outperformed my expectations,” he admitted, eliciting a wave of excitement and a bullish hashtag from Kusama in response.
Further stirring the crypto market, a report by the cryptocurrency tracking bot Whale Alert noted a significant withdrawal of SHIB from the KuCoin exchange.
A massive two trillion Shiba Inu coins, valued at approximately $62,232,000, were moved off the platform.
This event was part of a larger trend that saw KuCoin losing around $500 million worth of cryptocurrencies in 24 hours, as covered by U.Today.
The withdrawals began en masse following news that KuCoin and its founders faced criminal charges from the U.S. Department of Justice.
The accusations against them included operating a platform that facilitated illicit money laundering and violating the Bank Secrecy Act.
This case against KuCoin paralleled a similar accusation made against former Binance CEO, CZ.
The charges stemmed from activities between 2020 and 2022, during which the platform also received significant funds from the sanctioned entity Tornado Cash without reporting suspicious transactions.
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