As the price of the meme coin Shiba Inu (SHIB), the knockoff of Dogecoin has risen to over 734% over the last week. Vitalik Buterin, the Founder of Ethereum who received 50% of the token supply from the developers has added $8 billion to his net worth.

Dogecoin Knockoff SHIB Token Break-Free Adds $8B to the Net Worth of Vitalik Buterin

The fact that the crusty monologue of the owner of Tesla, Elon Musk on Saturday Night Live has played an important role in tanking the price of Dogecoin can not be ignored. However, that was not enough to stop one Dogecoin knockoff from rising to a great value and adding over $8 billion to the net worth of Vitalik Buterin.

Also, it can not go unnoticed that Vitalik Buterin received around 50% of the total supply of the token last year by the developers of the token.

Shiba Inu (SHIB) is one of the many meme tokens themed on canine and inspired by Dogecoin, defeated its competitors, and surged over 128% in the past 24 hours.

As revealed by the leading market analysts, SHIB is being traded for $0.00001593 at present and around $6.2 billion worth of the coin is in circulation making another meme coin the 28th largest cryptocurrency in the world.

Shiba Inu Would Be 12th Largest Cryptocurrency

Well, the actual market capitalization of the meme coin is much higher than the current one as Buterin has 505 billion SHIB in his wallet and is the largest holder of SHIB.

If these holdings of Buterin are to be considered which are around $8 billion, Shiba Inu would be the 12th largest cryptocurrency in the world.

Although Buterin has nothing to do with the meme coin, the developers of the coin have mentioned in the whitepaper of the token that they have sent around 50% of the total supply of the coin to Buterin’s address.

They did so that these coins can be eliminated from circulation.