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The latest crypto bloodbath over the last week astounded the entire crypto world. Though crypto billionaires lost a large but minor portion of their overall holdings as a result of the collapse, traders were at a loss as to whether to HODL or panic sell.
Vitalik Buterin, the co-founder of the Ethereum foundation, has also seen a drop in his fortunes. At the time of publication, his Ethereum address held 325,000 ETH worth an estimated $895 million, a 35% drop from its peak value of $1.4 billion on May 12.
Vitalik Buterin discusses the price downturn and the emerging status of the cryptocurrency industry in an interview with CNN Company. He likened the current scenario to a bubble, but he admits that predicting when it will burst is “notoriously difficult.” He said, ”
“We’ve had at least three of these big crypto bubbles so far. And often enough, the reason the bubbles end up stopping is that some event happens that just makes it clear that the technology isn’t there yet.”
SHIBA INU was another point of conversation when it came to another bubble – the new trendy trending “shitcoin.” The biggest advantage of this meme coin was its nickname – “Dogecoin killer.” One might argue that previous rallies fueled individual crypto bubbles, such as the DOGE bubble. Its equivalent followed in the same footsteps.
Bitblogger provided an analysis of how and why Dogecoin’s price went up.
Shiba Inu also followed a similar trend.
Buterin’s donation of the fiat equivalent of a billion dollars in Shina Inu to a Covid-19 aid fund in India has caused an interesting drop in Shiba Inu’s price in recent weeks. Aside from that, Vitalik sold 90% of his SHIBA shares because he didn’t appreciate the coin. He said, ”
“First of all, I don’t really know or understand many of these projects well. So, I can’t endorse them, I see in my wallet that I have like a few thousand dollars of something called free coin. I don’t know what free coin is.”
He also discussed the evolution of cryptocurrency from 2017 to the current. In 2017, he released a series of tweets emphasising the importance of cryptocurrency, which had just reached a market value of $500 billion. By 2021, a lot has changed in terms of technologies and implementations. He said, ”
“It feels like crypto is close to ready for the mainstream in a way that it wasn’t even four years ago. Crypto isn’t just a toy anymore.”