Ethereum (ETH) Drops to $2,470 Amid FUD; Shiba Inu Team Backs Vitalik Buterin and Ecosystem

As FUD around Ethereum (ETH) grows, Shiba Inu’s marketing lead Lucie has publicly stated her support for Ethereum and its co-founder Vitalik Buterin.

On October 26, Lucie posted on X (formerly Twitter):

“Shib people like and support Vitalik Buterin & Ethereum”.

As the Ethereum Foundation is selling off a lot of ETH and rumors are spreading that Buterin is selling his personal ETH holdings.

The Shiba Inu (SHIB) community supporting Ethereum is big because Ethereum is the base of SHIB’s ecosystem, including the newly launched Shibarium.

As the second largest cryptocurrency by market cap, Ethereum’s moves affect the whole market, so the SHIB team’s support is good for both communities.

• Community Solidarity: SHIB team publicly backs Ethereum amid rising market concerns.
• Platform Foundation: Ethereum serves as the base for Shiba Inu’s ecosystem, including Shibarium.
• FUD Context: Rumors of ETH selloffs by the Foundation and Buterin add to market instability.

Buterin Denies ETH Selloff

Buterin just addressed the FUD on social media saying he hasn’t sold any ETH in the last month. According to Buterin his ETH holdings have actually increased.

The Ethereum Foundation acknowledged ETH sales but said it’s to pay developers and researchers and that these sales are not speculative but operational.

Shiba Inu team is echoing Buterin’s statement and asking the community to distinguish between operational funding by the Foundation and personal holdings.

SHIB developer Kaaldhairya said Buterin’s ability to handle FUD gives the SHIB community resilience and more bond between the two projects.

Current Price Performance of ETH and SHIB

In this market ETH and SHIB are both down. ETH is down 3% in the last 24 hours trading at $2,468 with intraday range of $2,381.45 – $2,563.73.

SHIB is down 4% in the last 42 hours trading at $0.00001691 with intraday lows and highs of $0.00001605 and $0.00001785.

Despite the downswing SHIB long term is still looking good, with a big increase in burn rate after the growth on Shibarium. The burn rate is up and many in the community see this as a good sign for the future of the coin.

As the SHIB ecosystem is growing investor interest is still high even if the market is volatile in the short term.

• ETH Performance: Trading at $2,468, down nearly 3% amid market corrections.
• SHIB Price: Trading at $0.00001691, down over 4% in recent sessions.
• SHIB Burn Rate: Rising burn rate injects optimism into SHIB’s long-term potential.

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.