After the Dogecoin hype sparked a new ERC20 token project called Shiba Inu, the crypto asset made waves across the crypto industry. On Wednesday, Ethereum co-founder Vitalik Buterin donated $ 1 billion worth of Shiba Inu to the Indian Crypto Covid Relief Fund. A few days later, on Sunday, Buterin decided to burn 410.24 trillion Shiba Inu tokens worth over $ 6 billion using today’s exchange rates.
Buterin burns Shiba Inu tokens worth $ 6.6 billion
A new token called Shiba Inu (SHIB) has been a recent discussion in the digital currency community, apart from the recent focus on Tesla’s Elon Musk. The coin made the first headlines because of Dogecoin (DOGE), as the ERC20 token is considered a “Dogecoin killer” and the coin has turned people into multimillionaires almost overnight. Additionally, Ethereum co-founder Vitalik Buterin decided five days ago to donate around $ 1 billion worth of SHIB to the Indian Crypto Covid Relief Fund.
Today, SHIB is trading hands for $ 0.00001617 per unit and is down almost 2% on Monday morning. At the time of writing, there is a massive over 497 trillion SHIB supply on offer. The SHIB market has an overall valuation of around $ 8 billion with a global trade volume of more than $ 3 billion. The Shiba Inu project has a sizable community, a “woofpaper,” and the team’s vision simply claims to be “decentralized meme tokens that have grown into a living ecosystem”.
After seeing massive gains recently and making headlines resulting from Covid-19’s recent donation to relief efforts, Vitalik Buterin put SHIB back in the spotlight.
The co-founder of Ethereum says, “I don’t want to be a place of power.”
In the late evening hours on Sunday, Buterin burned 410.24 trillion SHIB and left a message in the transaction hash.
“I decided to burn 90% of the remaining Shiba tokens in my wallet. The remaining 10% will be sent to a charity (not yet decided) with values similar to Cryptorelief (preventing large-scale deaths) but with a more long-term focus, ”said Buterin.
Buterin also commented on the recent “Dog Token” communities.
“I was really impressed with how the dog tag communities have treated the recent donations,” said Buterin’s message. “Many dog people have shown their generosity and willingness not only to focus on their own profits, but also to be interested in making the world a better place as a whole. I support anyone who seriously does this, ”he added.
Additionally, Buterin added that he wished the ERC20 project creators would send money to charity rather than his wallet. Buterin insisted:
I don’t want to be a place of power like that.
The crypto community was immediately informed of the burned 410.24 trillion SHIB, valued at an estimated $ 6.6 billion.
The Shib Informer Twitter account wrote about Buterin’s billion dollar token burn after the event. “25 minutes ago Vitalik Buterin burned most of his SHIB wallet. He only has 5% instead of 45%, ”it says on the account tweeted.
“I hope some of you are at least able to see the good deeds he has done for both the world and the #SHIBArmy,” added the SHIB Twitter account. “They all literally doubted any person – who is also one of the smartest people in the world – that SHIB could have destroyed if he wanted to, but instead [chose] using our mark to improve the lives of the thousands who have suffered. “
What do you think of Buterin, who is burning $ 410.24 trillion SHIB worth $ 6.6 billion? Let us know what you think about this event in the comments section below.
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