By Solomon Odunayo
Vitalik Buterin, the co-founder of Ethereum (ETH) has burned relatively half of the supply of the popular Dogecoin (DOGE) look alike, Shiba Inu (SHIB), citing the generosity of the community.
In a statement captioned in the transaction on 16th May 2021, Buterin emphasized the generosity of the Shiba Inu community as the reason for burning $6.7 billion worth of SHIB tokens.
Read Also: Vitalik Buterin: Ethereum Network Is On the Verge of Scaling By a Factor of 100
According to Ethereum co-founder, he decided to burn 90% of Shiba tokens in his possession and allocate the remaining 10% to charity.
Buterin added that for security reasons, it’s not advisable for him to keep holding the tokens. He also said he took the action to avoid unnecessary speculation that could arise from initiating transactions using Shiba Inu (SHIB) in the future.
He also asked people to stop donating tokens into his wallet, citing the fact that he’s not interested in becoming a locus of power of that kind.
Read Also: Ethereum Now Bigger Than Johnson & Johnson after Surpassing $4,000, Closes In On JP Morgan Chase
Vitalik Buterin stated:
“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…
“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.”
It’s worthy of note that the recent price bull-run of Shiba Inu (SHIB) came to an end abruptly on 12th May following Buterin’s decision to liquidate trillions of the tokens he was gifted and donated the proceeds to a number of charities, including India Covid Relief Fund.
Read Also: CoinMetrics: What Net Issuance of Ethereum (ETH) Would Look Like if EIP-1559 Burns 75% of Fees
Shiba Inu (SHIB) started its notable surge after it was listed on Binance about a week ago. At the time of filing this report, SHIB is trading at $0.00001601, with a relatively 2% price downtrend in the last 24 hours. Its market capitalization currently stands at $6.3 billion.
Follow us on Twitter, Facebook, Telegram, and Download Our Android App