David Gokhshtein, the founder of GokhshteinMedia, who is clearly not a maximalist of any crypto project, but generally supports innovations, has recently admitted that his $1000 would have returned millions of dollars if it was invested in Shiba Inu (SHIB) a year ago.
Gokhshtein shared this in a recent tweet tagged “random thoughts”, stating that throwing $1,000 into $SHIB a year ago would have returned a few millions of dollars today.
Read Also: After Unveiling SHIB Metaverse, Shiba Inu Team Highlights More Big Surprises to Expect in 2022
In the same thread, Gokhshtein stated that “thank god I stood on principle,” indicating that he had probably invested heavily in the dog-themed crypto, Shiba Inu (SHIB), before its rise into prominence in terms of price.
thank god i stood on principle.
— David Gokhshtein (@davidgokhshtein) April 3, 2022
Impact of Ethereum’s Vitalik Buterin on Shiba Inu’s Price
This time last year, Shiba Inu (SHIB) had started gathering momentum for popularity but was still sparsely known in the crypto community and its price was still standing around $0.0000000434 until Ethereum Vitalik Buterin’s unforgettable action.
Ethereum co-founder Vitalik Buterin started a relationship with Shiba Inu after the SHIB team gifted him 50% of the cryptocurrency’s total supply, in which he decided to burn 90% of the SHIB holdings.
Buterin shocked the whole crypto ecosystem after deciding to burn $6.7 billion worth of SHIB. The trove of more than 410 trillion tokens was sent to a dead blockchain address in just a day.
Back then, Buterin said:
“I’ve decided to burn 90% 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 also said he would prefer cryptocurrency creators give them to charities and not to him, stating that he does not want to be a locus of power of that kind.
The massive burn was unexpected, but the Shiba Inu community saw it as a positive gesture since the whopping burn implies that $6.7 billion worth of SHIB tokens has been permanently taken out of circulation.
As expected, the impact of Buterin’s notable action started to fully surface in October 2021 following a meteoric rise in the price of SHIB. According to CoinGecko, the digital currency hit its price all-time high of 0.00008612 on 28th October 2021.
Since Buterin’s unexpected action, several burn mechanisms have been adopted and millions of SHIB tokens are being burned on a weekly basis. The community resolutely believes that burning Shiba Inu tokens will aid its price in the long run.
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