Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The official Shiba Inu account on the X social media network (known as Twitter in the not so distant past) has issued a post to celebrate an important victory of SHIB on the Binance exchange in the time when it was still run by its founder Changpeng Zhao (CZ).
The post referred to it as “SHIB army broke Binance”.
SHIB “breaking” Binance during listing
The SHIB account quoted CZ’s tweet dated by May 10, 2021, where the Binance CEO at that moment spoke about “certain concerns about SHIB listing.” CZ shared that a large number of users demanded the platform to finally list the meme cryptocurrency and as a result Binance even “ran out of ETH deposit addresses due to SHIB” on that day.
Changpeng Zhao emphasized that such a thing had never happened before on Binance for any ERC-20 coin. Still, he clarified that he was making an endorsement for SHIB, warning the Binance community that this coin is of a high risk and therefore that tweet of his was “NFA” – not financial advice.
That Binance listing played an important role in raising SHIB’s popularity and price. On May 12, 2021, the second largest meme coin made a mind-blowing price surge, soaring to the $0.00003043. Besides, in May that year Vitalik Buterin made a tremendous SHIB burn, sending a great part of the half quadrillion SHIB chunk received from Ryoshi to an unspendable blockchain address. The Etherum cofounder sent the rest to an Indian charity that helped the country fight the aftermath of the pandemic.
In a recent tweet, Vitalik Buterin highlighted that case, stating that he gave away all that SHIB, expecting this meme coin to crash in a few days. He admitted that he had deeply underestimated the potential of the Shiba Inu meme coin.
Millions of SHIB go up in flames
According to the data shared by the Shibburn platform that tracks down SHIB burn transactions, an impressive amount of these meme coins has been scorched over the past 24 hours. A total of 54,627,171 SHIB was burned, however, the burn rate rise was merely 7%.
As reported by U.Today, on Thursday, the SHIB burn rate demonstrated a staggering rise of almost 1,210%.
