It looks like Vitalik Buterin has launched a new cryptocurrency. Last week, the Ethereum founder turned jabs at other projects that prompted a new meme coin. A random thought on Twitter about someone creating a project simply called THE Protocol led to an unknown development team building a new digital asset
THE New Crypto
Hitting the market as THE, this new coin takes a page from SHIB’s playbook. It could also be a direct rival to the industry favorite Shiba Inu crypto. Buterin is the largest holder of the currency with 100 million coins, a 10% stake in the ERC20 protocol.
Thanks to the inspiration from Vitalik Buterin, this new crypto has attracted the attention of numerous Ethereum investors. Per data from Nansen, a crypto analytics firm, Buterin isn’t the only one who promptly obtained this new asset.
50.6% of THE units is now owned by top-tier wallets. Most of these non-entities made their purchases shortly after the coin’s release. 3 Ethereum units were exchanged for 13,614,311 THE units valued at $0.00028 per coin. Other Smart Money activity tied to THE was also observed by Nansen as this new con had quite the debut.
In fact, THE surged 1000% on its launch day, October 18. By October 20, it had jumped another 100% and was up to $0.03352 per unit. On October 21, THE’s value had soared by 119,188%, coming in at $0.04578. In less than six days, the crypto was on exchanges like MEXC Global and Hotbit. Its market cap has already reached $33 million.
Simply put, this new cryptocurrency went gangbusters. It also demonstrates new levels of excitement in users despite the industry being in a “crypto winter.” It also remains to be seen if this SHIB rival could help boost trading activity for its competitor.
Shiba Inu enthusiasts have longed for the day the beloved coin hits $1 per unit. With THE’s smash debut, that $1 milestone could happen sooner rather than later.