Shiba Inu Havoc – Traders Lose $40 Million USD On First Day of SHIB Futures

On the first day of its futures markets, launched on 11 May, traders lost over 1.34 trillion Shiba Inu (SHIB) in just 24 hours.

Crypto exchange OKEx, which listed SHIB futures, oversaw nearly $40 million worth of liquidations. Also at the time of writing Bybt Liquidation Data shows that in the last 24 hours $82.36 million USD worth of SHIB has been liquidated.

Shiba Inu (SHIB) was launched as a Dogecoin competitor on the Ethereum blockchain last year. Early SHIB investors saw massive gains from the crypto as the price soared, as Crypto News predicted on 27th April in our coins to watch.

The coin has grown rapidly during its journey, hitting 10306.7% in the last 30 days and 989.5% in the last 7 days according to data on CoinGecko. Recently the coin has faced various problems brought on by mass liquidations from various parties.

Vitalik Donates SHIB To India’s COVID-19 Crypto Relief Fund

Ethereum co-founder Vitalik Buterin was given half the supply of SHIB after launch, but has removed 95 percent of liquidity from a SHIB Uniswap pool. Vitalik donated 500 ETH and about 50 trillion SHIB, worth around $1.14 billion USD at the time of transaction to the India COVID-Crypto Relief Fund.

We locked the 50% of the total supply to Uniswap and threw away the keys! The remaining 50% was burned to Vitalik Buterin.

shibatoken.com

Shiba Inu’s white paper — which was released on May 1 — cited the project’s co-founder who stated that Vitalik’s holdings as a “vulnerable point”. This was, in the view of the developers, another way to burn it. Anticipating that the Vitalik would not spend the tokens, by sending these tokens to him, they effectively removed them from circulation. But seeing as that isn’t the case, the crypto relief fund might sell the coins back to the market for USD, putting them back in circulation.