Cryptocurrency Ethereum (ETH) has been the talk of the town recently for its lucrative price movement for early investors. With the price rising and everyone wanting to get in on the action, it does pose a problem for Ethereum’s network.
Copycat Dogecoins (DOGE) on the rise
With Dogecoin gaining popularity in the supposedly “altcoin season” it comes with a problem of copy cats, cryptocurrencies like Shiba Inu (SHIB) are causing stress on the Ethereum network, resulting in high gas fees. On the other hand, cryptos like the one previously mentioned has skyrocketed Ethereum founder Vitalik Buterin to $11 billion in net worth on the recent DOGE frenzy.
The entirety of Buterin’s holdings were not actually the result of him purchasing the coins but rather a “give away” of sorts from Shiba Inu’s creators.
According to Shiba Inu’s white paper, sending 50% of the token’s supply to Buterin was done to remove them from circulation and create an element of scarcity for the tokens.
“We sent over 50% of the TOTAL supply to Vitalik. There is no greatness without a vulnerable point and as long as VB doesn’t rug us, then SHIBA will grow and survive,” said the SHIB founder.
Ethereum 2.0 (ETH2)
This is where the Ethereum 2.0 or ETH2 upgrade comes into play, it refers to a set of interconnected upgrades that will make Ethereum more scalable, more secure, and more sustainable. These upgrades are being built by multiple teams from across the Ethereum ecosystem. What do you need to do? If you’re a dapp user or ETH holder, you don’t need to do anything.