Amidst the growing FUD surrounding Ethereum (ETH), Shiba Inu's marketing lead Lucie has publicly voiced her support for Ethereum and its co-founder Vitalik Buterin.
On October 26th, Lucy posted the following on X (formerly Twitter):
“The people of Shib love and support Vitalik Buterin and Ethereum.”
Rumors are circulating that the Ethereum Foundation is selling a large amount of ETH and that Mr. Buterin is selling his personal ETH holdings.
The Shiba Inu (SHIB) community that supports Ethereum is large, as Ethereum is the foundation of the SHIB ecosystem, including the newly launched Shibarium.
As the second largest cryptocurrency by market capitalization, movements in Ethereum affect the entire market, so the support of the SHIB team will be beneficial to both communities.
- community solidarity: SHIB team publicly supports Ethereum amid growing market concerns.
- platform foundation: Ethereum is the foundation of the Shiba Inu ecosystem, including Shibarium.
- FUD context: Rumors of ETH sale by Foundation and Buterin are increasing market volatility.
Buterin denies selling ETH
Buterin just told FUD on social media last month that he had not sold any ETH. According to Buterin, his ETH holdings have actually increased.
The Ethereum Foundation confirmed the sale of ETH, but said it was to pay developers and researchers, and that these sales were real, not speculative.
The Shiba Inu team echoes Buterin's statement and urges the community to distinguish between foundation funds and personal holdings.
SHIB developer Kaaldhairya said Buterin's FUD processing capabilities will make the SHIB community more resilient and further strengthen the bond between the two projects.
Current price performance of ETH and SHIB
Both ETH and SHIB are falling in this market. ETH fell 3% over the past 24 hours of trading to $2,468, with an intraday range of $2,381.45 to $2,563.73.
SHIB has fallen 4% in the past 42 hours and is trading at $0.00001691, with an intraday low of $0.00001605 and an intraday high of $0.00001785.
Despite the downside, SHIB's long-term performance remains strong, with its burn rate increasing significantly after the growth of Sybarium. The burn rate is increasing and many in the community see this as a good sign for the future of the coin.
As the SHIB ecosystem grows, investor interest remains high even if the market is volatile in the short term.
- ETH performance: It is trading at $2,468, down nearly 3% amid a market correction.
- SHIB price: It is trading at $0.00001691, down more than 4% in recent sessions.
- SHIB burn rate: Increased burn rate makes SHIB's long-term potential look optimistic.
conclusion
As Ethereum is being scrutinized and FUD is spreading the Shiba Inu community is showing support. The SHIB team supporting Buterin and Ethereum is showing how important are the foundational networks in the crypto space.
Despite the market fluctuations both ETH and SHIB community is still resilient. Shibarium is growing and SHIB burn rate is up.
