Home Latest Vitalik Buterin burns $6.7B of Shiba to reward generous hodlers

Vitalik Buterin burns $6.7B of Shiba to reward generous hodlers

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Ethereum co-founder Vitalik Buterin burned 90% of the Shiba Inu tokens that were stored in his wallet by sending them to a non-existent address. In total, Buterin destroyed 410 trillion tokens worth $ 6.5 billion. Earlier, the Shiba Inu developers sent 505 trillion tokens to Vitalik Buterin’s public wallet, which amounted to more than 50% of the envisaged quadrillion of digital coins. The white paper of the project says that by sending tokens to the address of the creator of Ethereum, the developers burned them.

Burning tokens is the destruction of a certain number of tokens to reduce their number in circulation. This method used to combat inflation and increase the value of cryptocurrencies. All coin burning operations are recorded on the blockchain as a transaction, so anyone can verify that the coins have been destroyed.

Tesla founder Elon Musk recently tweeted that he would like to have a Shiba puppy. So, it has made the crypto market excited and prices have risen 300 percent. Coin prices fell about 40 percent after billionaire Vitalik Buterin donated 50 trillion SHIB coins to charity.

On May 13, Buterin donated $ 1 billion to fight Covid-19 in India. The developer has transferred 500 ETH and over 50 trillion Shiba Inu tokens worth about $ 1.14 billion to the India COVID-Crypto Relief fund at the time of the transaction.

The remaining Shiba Inu tokens Buterin also promised to send to charity for longer-term goals.

Against the background of the burning of tokens, the cost of Shiba Inu on the Binance crypto exchange reached $ 0.000019. Thus, having risen in price by 36% per hour. Shiba Inu was listed on Binance on May 10. On the first day of trading, the token reached an all-time high of $ 0.000050.

DOGE wannabe

Dogecoin’s rise to the top has resulted in a slew of copycats. They have garnered significant attention in the past few weeks. Perhaps no one has become more popular than the self-proclaimed DOGE assassin, Shiba Inu.

One of the interesting features came from anonymous developers who decided to send half of the total proposal to Vitalik Buterin, the co-founder of Ethereum. The other half remains locked for liquidity on Uniswap.

Buterin, who donated 50 trillion SHIB tokens (and other dog-related digital assets) to India’s Coronavirus Relief Fund last week, has decided to burn most of his Shiba Inu assets.

The generosity of the dog people

The Ethereum co-founder raised his aforementioned decision to donate a significant portion of his dog coins to charities.

“Many dog owners have demonstrated their generosity and willingness to not only focus on their own profit, but also have a stake in making the world as a whole a better place”.

However, his actions have also garnered some attention, as some angry developers have created coins with offensive names. Thus, he urged the community to refrain from sending him new tokens without his consent in the future.

“I don’t want to be a center of power of this kind. Better to just give the coins into the hands of a worthy charity”.

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