Ethereum co-founder Vitalik Buterin has burned 90% of his Shiba Inu (SHIB) holdings for an amount worth around $6.7 billion.
Buterin previously was given half of SHIB’s total supply, in what appeared to be a marketing stunt by the creators of yet another meme-coin.
410 trillion tokens were sent to a dead blockchain address late on Sunday, which took the supply out of circulation. In an embedded note, Buterin stated:
“I’ve actually been impressed by how the dog token communities have treated the recent donations! Plenty of dog people have shown their generosity and their willingness to not just focus on their own profits but also be interested in making the world as a whole better. I support all who are earnestly doing that.”
Prior to that, Buterin had already said in another note:
“I’ve decided to burn 90% of the remaining shiba tokens in my wallet. The remaining 10% will be sent to a (not yet decided) charity with similar values to cryptorelief (preventing large-scale loss of life) but with a more long-term orientation.”
Buterin also donated 50 trillion SHIB tokens (worth around $1.2 billion at the time) to an India Covid Relief Fund set up by Polygon founder Sandeep Nailwal.
Labelling itself a “DOGE killer,” SHIB has seen a price increase of nearly 900% in the last two weeks, leading to an all-time high of $0.00003791 on May 10. This was shortly after the coin made its debut on world’s largest crypto exchange Binance.
The remaining SHIB supply is locked for liquidity on decentralized finance platform Uniswap.
Buterin added that he in the future he would prefer not to receive any tokens and suggests donating them to charities. He said:
“I don’t *want* to be a locus of power of that kind.”
The news has not had any significant effect on SHIB’s price. The entire crypto market is suffering the past days and is down nearly 7% in the last 24 hours. Alongside, SHIB went down. We might see some increased interest when the markets are recovering. Although it could very well be that “momentum” for the Shiba Inu token is gone. At least for some time now.
The post Vitalik Buterin burns 90% of Shiba Inu worth $6.7 billion appeared first on iGaming.