Earlier in the week, the Ethereum co-founder made a drastic decision that shocked thousands of investors. The Shiba Inu developers had chosen to send part of the coin supply to Vitalik Buterin’s wallet as a way to take it off the market to add value to the remaining supply. While the prices were low, investors were confident that Vitalik wasn’t overly concerned about tokens and surely wasn’t going to compromise his reputation for a few dollars.
Since Dogecoin flourished, its copies have been recovered and the most successful of all has been Shiba Inu (SHIB) . It peaked with a market capitalization of more than $ 13 billion. In a way that has been described by some as a rug pull, at these levels, Vitalik transferred millions of Shiba Inu coins and donated them to charities in India . As a result, it crushed SHIB, eliminating more than 50% of its value in the following days.
There has been a lot of controversy over Vitalik’s decision. As noble as it was, donating to India, where millions of people struggle with Covid-19, was at the expense of innocent investors. It should be noted that Shiba Inu is an Ethereum-based project . It is part of the ecosystem that it created. Whether he’s a rugby player or hero is still a personal opinion.
Introducing Rug Ethereum ($ RETH)
Some developers who have decided that this is a rugpull are asking the crypto community to help launch a crypto project whose sole intention will be to pursue Vitalik’s Ethereum. The team aims to create a grassroots movement that helps curb carpet pulls and Ethereum is at the top of their list.
The project will launch on the Binance Smart Chain , which has become one of Ethereum’s strongest competitors. The team will use what is now a 4 percent tax applied to all transactions to borrow ETH on Venus and dispose of it for BNB with a low-risk ratio. Also, this will keep a constant pressure on ETH. As more people buy $ RETH, the pressure will continue to mount.
The team wrote in a blog post :
INSTEAD OF ADDING MORE LIQUIDITY TO OUR OWN TOKEN TO CREATE A GIANT PONZI LIKE MOST MEME COINS TODAY, THE VENUS PROTOCOL IS BEING USED TO BORROW ETH WITH VERY LOW MARGIN RISK (TO AVOID THE SETTLEMENT RISK) TO BUY MORE BNB, HELPING TO CREATE A STEADY SELL. PRESSURE ON ETH PEERS IN BSC ”.
For now, this is all an experiment, but do you remember what else is an experiment? Shiba Inu calls itself ‘an experiment in decentralized spontaneous community building’ and is worth billions. If successful, one of the unintended benefactors will be Binance Coin (BNB) investors .
