Vitalik Buterin tried to prove that even a worthless cryptocurrency can be useful. He may have tried to divert attention from the rise of Cardano (ADA).
Shiba Inu (SHIB) Meme Coin has made headlines once again. Earlier it was reported that the creators of Shiba Inu transferred 505 trillion SHIB to the public wallet of Ethereum’s founder Vitalik Buterin. Almost immediately, Buterin burned 90% of these tokens by sending them to a non-existent address. But part of that gift, 50 trillion SHIB worth about $1 billion at the time of the transaction, he donated to India COVID-Crypto Relief to fight the coronavirus. Buterin also sent them more reliable funds, 500 ETH worth about $2 million.
In addition, Buterin sent funds in the form of Dogecoin (DOGE) clones to several charities. These are such coins as Shiba Inu, Akita Inu, and Dogelon Mars launched on the Ethereum blockchain. The founders of these coins transferred about 50% of their tokens to Buterin, thereby burning them.
After burning, the quotes of tokens grow as a rule. But in this case, Buterin’s actions brought down the coin quotes. It is not clear what was the motivation of the founder of Ethereum also it is not clear if charitable organizations are able to use these funds. But it is clear that the focus on Ethereum has increased. Perhaps this was the main goal of all these activities.
In fact, Vitalik Buterin showed the worthlessness of Dogecoin clones, brought down their quotes, and distracted the attention of the crypto community from the real situation on the market, where a massive rollback of all cryptocurrencies is taking place, except one Cardano (ADA), which some analysts consider a formidable competitor to ETH. At the same time, there are also forecasts that the danger of ETH comes from other cryptocurrencies.
Binance Coin (BNB) is rising due to the popularity of the Binance Smart Chain, which competes with the Ethereum network. A favorable forecast for the SEC lawsuit against Ripple could push XRP upward. Analyst Kaleo tweeted to pay attention to TRON (TRX) because its chart looks optimistic. However, it is Cardano (ADA) that is the strongest competitor to ETH.
This platform for launching smart contracts and DeFi projects with sidechains was just created as an improved version of Ethereum. Founder of Cardano Charles Hoskinson worked as part of the Ethereum team until 2017. Now Hoskinson says the platform is built and ready to serve billions of users. Cardano runs on the Proof-of-Stake protocol, a variant of Ouroboros that has been mathematically proven to be safe.
At the beginning of the year, Dubai-based FD7 Ventures announced support for Cardano and the establishment of an office in India. Cardano is also expanding its presence in Africa, starting in Ethiopia, where blockchain projects in the public segment are being created. Now Cardano (ADA) ranks fourth in terms of capitalization in the Coinmarketcap rating, with a weekly growth of about 30%.