$6.7B Shiba burned by Vitalik Buterin as a reward to the generous hodlers
In an act of generosity for “dog token communities”, Ethereum co-founder Vitalik Buterin burned almost half of Shiba’s Supply.
Vitalik Buterin burned almost half of the supply of the newly popular Dogecoin-like token known as Shiba Inu (SHIB). Mr. Buterin explained the reason behind the burning of $6.7B worth of Shiba tokens in an embedded statement in a transaction on Sunday:
“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.”
The canine-themed coins were in vogue lately, among them was the most well-known Dogecoin which was mainly promoted by Elon Musk through his tweets. Shiba Inu is another dog-themed coin which experienced a major pump in its value in just a few days recently but the bull run for such coins was suddenly terminated by Vitalik Buterin’s liquidation of trillions of tokens on Wednesday when he decided to burn them and donate the profits to charity. The tokens were given to him as gifts from Shiba Inu creators.
Buterin said that he wanted to burn 90% of the tokens and donate the remaining 10% to charities like Crypto relief which supports covid-19 relief financially via donations they receive in crypto. He did this for his own good. First of all, having so much coin would pose security threats for him as well as triggering some rumors regarding his future connections with this coin.
And he doesn’t wish to receive any more donations from people as Vitalik thinks this would put him in the center of people’s attention and directs the power somehow to him in which he isn’t interested.
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