After days of worrying declines, Shiba Inu (SHIB) experienced a significant price increase on March 27, 2024, following positive comments from Ethereum co-founder Vitalik Buterin and a broader upswing in the crypto market.
Recent remarks by Buterin shed light on his prior donations of SHIB to the Future of Life Institute (FLI), a non-profit organization focused on ensuring the safe development of artificial intelligence (AI).
It's the same situation as with cryptorelief: I quickly sent a pile of SHIB, thinking it would surely drop 100x in a few days so I had to act fast, and expecting they would be able to cash out at most like $10-25m. But of course SHIB massively outperformed my expectations…
— vitalik.eth (@VitalikButerin) March 26, 2024
Initially, some within the cryptocurrency industry questioned the donation of what was perceived as an undervalued asset. However, mirroring SHIB’s impressive price gains, the donated tokens are now valued at over $600 million, generating significant excitement within the market.
Buterin compared this situation to a previous donation of SHIB to CryptoRelief India during the COVID-19 pandemic. He explained that he donated a large amount of SHIB, anticipating a significant price drop and the need for swift action to allow CryptoRelief India to convert the tokens to fiat currency.
He believed the tokens would give them $10 to $15 million, but stated that SHIB massively outperformed his expectations, surging until his donations reached a remarkable $600 million.
The Shiba Inu (SHIB) Price Surge
At press time, SHIB was trading at $0.00003109, showing a 21.87% increase over the past week. The meme coin has risen and fallen multiple times over the past few days. On March 25, SHIB climbed to $0.00002985 but failed to breach $0.00003 before falling to $0.0000287. On March 26, the meme coin made another attempt, reaching $0.00003133, and swiftly dropped to $0.00002961.
Buterin’s remarks coincided with SHIB’s final breakout, which sent it to a weekly high of $0.00003162. The digital asset has shown bullish momentum over the past few days, and many believe it can continue on this trajectory.
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More Bullish Signs for SHIB
Further bolstering this bullish sentiment is SHIB’s outstanding surges in derivatives on Coinglass. Open interest, representing outstanding derivative contracts, grew by almost 18%, while the volume of SHIB traded in derivatives markets has witnessed a remarkable increase of over 75%. Although these values have declined since then, it shows interest in SHIB and a potential influx of new capital, further supporting the positive outlook for the digital asset.
While the future trajectory of SHIB remains uncertain, the recent developments highlight the token’s potential for massive rallies. There are signs that SHIB is on the cusp of a breakout, and we could see the meme coin skyrocket soon.
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