Earlier in the week, the Ethereum co-founder made a drastic decision that affected thousands of investors. Shiba Inu developers as a way to remove the coin from the market to add value to the remaining supply; They chose to send some of the coin supply to Vitalik Buterin’s wallet. With prices low, investors were confident that Buterin was not too worried about tokens and would certainly not compromise his reputation for a few bucks.
Since Dogecoin has been a huge success, its copies have also begun to rise, with Shiba Inu (SHIB) being the most successful among them. Recently, the joke coin reached its peak with a market value of over $ 13 billion. While the coin is at these levels, Buterin, as described by some as a “rug pull”; donated millions of SHIB coins to charities in India. Rug pull; It’s a type of fraud where developers abandon a project and take away their investors’ money. As a result, SHIB lost more than 50 percent of its value in the days that followed.
There was a lot of discussion about Vitalik’s decision. No matter how noble it is to donate to India, where millions of people are fighting COVID-19, it is an undeniable fact that innocent investors are affected by this situation. It should also be noted that Shiba Inu is an Ethereum-based project, so SHIB token is part of the ecosystem created by Buterin. Whether Vitalik Buterin performed a rug pull or was a hero remains a personal opinion.
Rug Ethereum Promotion (RETH)
Deciding that this is a rug pull, several developers are urging the crypto community to help launch a crypto project whose sole purpose is to pursue Vitalik Buterin’s Ethereum. The team is aiming to create a grassroots movement to help prevent rug-pulls, and Ethereum is right at the top of the list.
The group that made Ethereum their target declared war on Buterin and Ethereum by sharing a tweet:
“Vitalik Buterin rug pulled Shiba Inu (SHIB). Let’s do the same to ETH. We are promoting Rug Ethereum (RETH) on Binance Smart Chain. This is a token that leaves ETH for BNB. The first WARONRUGS token. Sell Your ETH! ”
The project will start on Binance Smart Chain, which has become one of Ethereum’s strongest competitors. The system planned by the developers will keep the pressure on ETH constant. As more and more people buy RETH, the pressure will continue to increase.
The team stated in a blog post:
“Instead of adding more liquidity to our own tokens to create a giant ponzi like most joke cryptocurrency today, we will use the Venus Protocol. The Venus Protocol is used to borrow ETH with very low margin risk (to avoid liquidation risk) to buy more BNB. And this contributes to the constant selling pressure on ETH pairs on Binance Smart Chain. You can also contribute to increase the BNB value while adding selling pressure to ETH by trading RETH. So what are you waiting for? ”
For now, this is all an experiment, but from this perspective, Shiba Inu also calls herself “an experiment in decentralized, spontaneous community building” and is now worth billions of dollars.