Bitcoin Selloff, YFI Breaks $60k And Vitalik Is The Biggest Shiba Inu Whale

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Last Updated on 11 May 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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The biggest cryptocurrency saw a major selloff overnight, just after US stock markets closed. Bitcoin dropped to as low as $53,000, before recovering.

At the time of writing, nearly all major crypto coins are seeing a sea of red as investors took some profits after months of gains. The only major winner was Shiba Inu, the memecoin that is supposed to rival Dogecoin.

Advertentie.

Bitcoin tests bottom

Investors sold off Bitcoin after US stock markets closed as rumors of a capital gains tax resurfaced. Even Ether, which had in recent days crossed the $4,000 threshold, fell to $3,800 again. The Ethereum price is currently trading below $4k.

Markets analysts fear that a lower retest may be possible in the near future.

We think strong support near $42,000 may be tested as the range is resolved to the downside, before an intermediate-term low is established.

Said Katie Stockton, analyst for Fairlead Strategies.

One of the major winners on Monday was Stellar, the currency belonging to Ripple co-founder Jed McCaleb. Since the beginning of the year XLM has seen a 435% rise and it is one of the latest climbers in this altseason.

Further down in the list we see that Yearn Finance has now flippened the Bitcoin price, a feat this site predicted a week ago, and is currently trading at $60k.

Is Vitalik Buterin a Shiba Inu billionaire?

However the story of the week remains Shiba Inu, the memecoin that is supposed to replace Dogecoin. At the time of writing it is trading upwards 140% and is showing a more than 2,000%.

Shiba seemed to lack momentum yesterday which got resolved when Changpeng Zhao, the CEO of Binance, announced that his platform would be offering it for trading. The coin immediately responded with a 70% jump.

Meanwhile multiple outlets and social media platforms reported that the biggest Shiba Inu whale, holding no less than 50% of all coins, is none other than Vitalik Buterin, CEO of Ethereum.

According to Shiba Inu’s white paper, the founders decided to send 50% of the token’s supply to Buterin on purpose. In their mind, this was the only way to make sure there wouldn’t be a rug pull.

We sent over 50% of the TOTAL supply to Vitalik. There is no greatness without a vulnerable point and as long as VB doesn’t rug us, then SHIBA will grow and survive.

Explained the SHIB founders.

Not everyone is sure though, and a lot of commenters on Reddit call it a sh*tcoin. Time will tell as always.