The recent move by Vitalik Buterin has adversely affected the meme coin Shiba Inu as he has removed 95% of liquidity from a pool resulting in the plunging of the coin. The co-founder of Ethereum has removed liquidity that amounts to 13,291.13 ETH and the equivalent sum of SHIB.
Shiba Inu Coin Plunges, Vitalik Buterin Removes Liquidity from Pool
There is no denying the fact that Vitalik Buterin was the biggest Shiba Inu whale without a doubt after receiving 50% of the total supply of the cryptocurrency from developers. It should be noted that the supply, in the beginning, was 1 quadrillion tokens, but 50% of them were locked away.
The “woofpaper” of Shiba Inu, which was released on May 1 mentioned the co-founder of the project who saw the holdings of Vitalik Buterin as a vulnerable point.
Not many people know this, but it was commendable charity work done by Buterin as he donated over $1 billion in proceeds from SHIB sales to a pandemic relief fund for India based on crypto.
Akita Inu Coin Plunges After Dogecoin-Inspired Canine Meme Token Exploded in Price
Well, apart from the Shiba Inu coin, Buterin has also sold Akita Inu (AKITA) tokens that were also sent to him by the devs, and they have already been sent to the Web3 development center Gitcoin.
In accordance with the data revealed by the leading market aggregators, the Shiba Inu coin increased almost 40% over the last 24 hours.
If market analysts are to be believed, then this plunging in the crypto coin has come after the canine meme token inspired by Dogecoin exploded in price because of the Binance listing of this week.
Moreover, as witnessed by the analysts, Akita Inu (AKITA) is also facing some real heavy pressure, and at the time of writing this article, the coin has plunged by around 50%.