06.04.2024

Vitalik Buterin: “SHIB tokens exceeded all my expectations”

Efirium co-founder Vitalik Buterin has admitted that the memcoins he donated to charity have risen in value against his own predictions.

Vitalik Buterin was responding to a tweet by Frostwork director Nathan Young. The businessman mentioned Future of Life Institute (FLI), a non-profit organization that specializes in artificial intelligence (AI) research. Nathan Young was surprised that donations in SHIB tokens for this organization are valued at almost $600 million.

FLI was one of the recipients of Vitalik Buterin’s donations to SHIB. In May 2021, the co-founder of Efirium burned 410 trillion SHIBs worth $7.4 billion and donated the remaining tokens to charity. The FLI case is similar to the situation with the Indian charity organization CryptoRelief, where Buterin also sent 50.6 trillion SHIB. At the time, the tokens were valued at $1.2 billion.

“I rushed to send more SHIB tokens to CryptoRelief, thinking that they would surely collapse a hundred times in a few days. I had to act fast so that the recipients could cash out $10-25 million before the exchange rate dropped. And, of course, SHIB coins have far exceeded all my expectations,” Buterin wrote.

The co-founder of Efirium has underestimated the memcoin market before. In 2022, he criticized the crypto community’s excessive focus on Bored Ape Yacht Club (BAYC) collectible tokens, comparing NFT to a casino. Buterin lamented that celebrities make billions from NFTs, whereas tokens could be used to solve social problems.

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Коля Мельниченко

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