Vitalik Buterin Speaks For The Turks’ Favorite Altcoin: Impressive! –

Ethereum inventor Vitalik Buterin commented on the widely followed Shiba Inu (SHIB) in Turkey. Buterin’s comments at his most recent conference sparked some backlash from SHIB advocates. Here are the details…

Vitalik Buterin speaks for SHIB

Vitalik Buterin made comments for SHIB at the recent LABITCONF conference. His comments sparked mixed reactions from SHIB advocates. Some disparaged the Ethereum co-founder for his statements. Lucie, a prominent member of the Shiba Inu community, along with other SHIB advocates, criticized Ethereum co-founder Vitalik Buterin for his remarks about the Shiba Inu at the recent LABITCONF conference.

Still, others pointed out that the Ethereum co-founder’s intentions were not bad. They believe their words are simply misinterpreted. Buterin was last seen at the Latin American Bitcoin and Blockchain Conference (LABITCONF) 2022, which was held amid the FTX crisis in Buenos Aires, Argentina. At the conference, Buterin was consulted that Singapore-based cryptocurrency exchange owns 20 percent of its reserves in Shiba Inu.

Buterin impressed by SHIB’s $6 billion market cap holds about 20 percent of its reserves in Shiba Inu. This translates to 32 trillion SHIB worth more than $500 million. The exchange has ETH worth $485.9 million. Therefore, the amount of SHIB is more than ETH reserves. In response to a question about keeping the Shiba Inu as a backup, Buterin expressed surprise at the disclosure. He used the following expressions:

Wow! 20 percent in Shiba Inu. So… Impressive. He responded by raising an eyebrow.

Buterin emphasized that he was impressed by the fact that the Shiba Inu still has a market capitalization of $ 6 billion. He stated that he didn’t understand why someone was holding $10 million in Shiba Inu. “I don’t understand the psychology of someone holding $10 million in a Shiba Inu right now,” he said.

Reactions came

Buterin is known to have a friendly relationship with the project. Because of this, backlash from the SHIB community has surfaced. The anonymous founder of Shiba Inu, Ryoshi, stated that he gifted almost 50 percent of the asset’s supply to Buterin. As we reported, in May last year Buterin burned 90 percent of the SHIB in his portfolio and donated the remaining 10 percent to charities.

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In July, Buterin expressed his gratitude to the Shiba Inu team for their role in helping the project succeed the AI ​​Existential Safety Fellowship. He also thanked the Shiba community for supporting the Balvi project in September. Meanwhile, SHIB has lost more than 10 percent over the past week.

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