David Schwartz, the chief technical officer at Ripple, has mocked the hottest meme token in the market, Shiba Inu (SHIB), for its massive supply.
After a massive rise in price, little-known Shiba Inu (SHIB) became a coin of interest for investors and traders. Despite its chart-topping performance, it’s worth noting that the crypto’s massive supply still remains a top issue.
David Schwartz Taunts Shiba Inu’s Massive Supply
On 9th December via a tweet, Ripple CTO David Schwartz, who is one of the creators of the digital token XRP, threw a jibe at Shiba Inu for its massive supply.
In the tweet, Schwartz joked that the theft of a zillion SHIB coins would be equal to the loss of just $1.37.
David Schwartz wrote, “Someone stole like a zillion Shiba Inu coins today; losses were estimated at like $1.37.”
Someone stole like a zillion Shiba Inu coins today; losses were estimated at like $1.37.
— 𝙳𝚊𝚟𝚒𝚍 𝚂𝚌𝚑𝚠𝚊𝚛𝚝𝚣 (@JoelKatz) December 9, 2021
David Schwartz’s comment came less than a week after 893.8 billion SHIB worth relatively $32 million at the time were stolen from Bitmart exchange.
At the time of press, Shiba Inu (SHIB) occupies the 13th position in the crypto market. Unlike Bitcoin (BTC), the largest cryptocurrency by market cap, which has a capped supply of 21 million, SHIB, the cryptocurrency dubbed a Dogecoin killer was designed to have a gargantuan supply.
The meme coin was launched in 2020 with a circulating supply of 1 quadrillion before gifting half of the supply to Vitalik Buterin, the co-founder of Ethereum, who later donated the majority of it to charity earlier this year. He then burned the remaining coins in an effort to distance himself from the project, a move termed as a positive gesture in the Shiba Inu community.