Tag Archives: Shiba

Coinbase Accidentally Adds $181,000,000 in Shiba Inu to the Wallet of This NASCAR Driver – He Wants None of It 

By Daily Hodl Staff

A popular NASCAR driver woke up to an unexpected sum of Shiba Inu (SHIB) in his Coinbase account but has promptly decided to return the valuable memecoins to the crypto exchange.

NASCAR driver Keith McGee is the first Alaskan to start a NASCAR race and the first disabled veteran in the history of NASCAR.

McGee is a part-time driver reliant on sponsorship funding. On Wednesday, he announced that he was unable to secure funding to participate in the upcoming NASCAR Camping World Truck Series finale at Phoenix Raceway.

“Sadly, I was unable to secure funding for the one race I have been looking forward to the most all season. With that, my 2021 season has come to an end. Thank you to all the partners that helped me reach many goals this year. Time to start working on 2022.”

McGee woke up Thursday morning to $181 million in SHIB in his Coinbase account. However, McGee wanted nothing to do with the surprise money.

“Hey Coinbase, I woke up to having $181 million extra dollars in my account that doesn’t belong to me, and I would like to return it”

Source: Keith McGee/Twitter

Shiba Inu (SHIB) has skyrocketed since the beginning of October, capturing many traders’ attention throughout the cryptocurrency space. At time of writing, SHIB is boasting over a $40 billion market cap according to CoinGecko, up over 1,000% from its $3.62 billion market cap on the first day of October.

At time of writing, Coinbase has yet to respond to McGee about the misplaced sum.

Remember All That SHIB Vitalik Buterin Burned? It’s Now Worth $32.5 Billion 

Buterin could have HODLed but he didn’t, and SHIB fans are all the richer for it.

By Tim Hakki (Via Decrypt)

Remember in early May when Ethereum co-founder Vitalik Buterin burned more than $6.7 billion worth of SHIB tokens? Well, they’re not worth $6.7 billion anymore. 

At today’s prices—which have blown up 98 million percent since New Year’s Day, according to figures taken from CoinGecko,—that figure has almost quintupled to $32.5 billion. 

Here’s how.

Shiba Inu comes to life

The anonymous developers of Dogecoinknockoff Shiba Inu (SHIB) had outlined in their “woofpaper,” a play on the marketing document, that they were sending 50% of the total supply to Buterin’s address to remove it from circulation. 

They banked on the tokens being as good as burned, hoping the gesture would drive the price of SHIB up, as long as demand rose and the supply remained capped. 

At the time of the transaction, Buterin held 505 trillion SHIB, or about $8 billion back in early May when the news hit the press.

Rather than disappoint SHIB fans by suddenly selling his supply, Buterin held onto his memeable trove. Atleast, for a period.

What happened next?

In late May, Buterin sent gifts of SHIB, and various unsolicited crypto donations he’d received, to several different charitable causes around the world. He gave 50 trillion SHIB(about 1.2 billion at the time) to India COVID Relief Fund, for example. 

Five days after the market learned of Buterin’s charitable donations, Buterin then burned about 90% of his remaining SHIB holdings. He sent 410 trillion SHIB ($6.7 billion at the time) to a dead blockchain address, removing them from circulation. 

Buterin attached a note to another transaction at the time, which clarified that he would prefer makers of cryptocurrencies give them to charities, saying: “I don’t want to be a locus of power of that kind.”

Buterin took the high road, destroying what amounts to over $32 billion today. At press time, one SHIB is currently trading hands at $0.00007661, according to CoinGecko

But the reality is, had he held onto it, Shiba Inu might not have reached its current eye-watering figure. Moreover, had he sold it, the price of Shiba Inu would have certainly plummeted from the sudden surplus flooding the market. 

According to Etherscan, Buterin still holds 3,457,471 SHIB, a sum worth just $268.

Coinbase Pulls A Robinhood As Users Are Unable To Trade Shiba Inu During Rally 

By Best Owie (Via Bitcoinist)

Shiba Inu recently rallied to a new high this week. Investors saw massive gains when the meme coin hit a new all-time high of almost $0.00009, resulting from a surge in trading activity in the altcoin. Similar to its predecessor Dogecoin, when the meme coin hit its new high, investors scrambled to sell and take profits. However, Coinbase, which has become known as the leading exchange to trade Shiba Inu, went offline, leaving traders unable to sell their holdings.

This is similar to what happened with Robinhood at the peak of Dogecoin’s rally, Investors had flocked to the trading platform to make their bets on the meme coin. But when it came time to sell and take profits, users alleged that they were unable to do so as Robinhood’s platform was down. Users lamented the issue as they were left unable to profit from the SHIB rally that took the market by surprise.

Coinbase And Coinbase Pro Down

Coinbase’s outage saw trading draw to a halt on Wednesday. The crypto exchange experienced network issues that left traders unable to carry out transactions on this platform. Coinbase and Coinbase Pro were both reported to be down as a result of the outage. The network outage coincided with SHIB’s biggest rally yet. Putting investors in a tight spot when it came to trading the meme coin.

Shiba Inu (SHIB) price chart from TradingView.com

Coinbase took to Twitter to address the issue. It explained that the platform had indeed experienced issues that made users unable to access and use the platform. Delays in trades and transactions were also experienced in this period. The exchange assured users that their funds were safe and that they were working to fix the issue.

Users were however unimpressed with this as this had put a major damper on their trading plans. The nature of crypto trading makes it so that a trader may only have seconds or minutes to make a trade as this could be the difference between profiting and losing on a cryptocurrency. Users have accused the crypto exchange of intentionally sabotaging its traders for its own benefit.

Shiba Inu Trading Back Up With Fix

Coinbase followed up on the issue and issued an announcement that it had fixed the network issues affecting the platform. The exchange assured users that the platform was fully functional again. Hence, there would be no more connectivity issues.