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November 29, 2022
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Vitalik Buterin, co-founder of Ethereum, burns $ 6.7 billion Shiba Inu (SHIB) tokens

Vitalik Buterin burned 90% of his stakes in Shiba Inu and pledged to give the remaining 10% to charitable organizations that fight against COVID-19.

Vitalik Buterin, who received half of Shiba Inu’s total stock, burned 90% of his holdings worth almost $ 7 billion. The Ethereum co-founder also said he would allocate the remaining 10% to charitable organizations, while praising the “Shiba token community” for his generosity.

Buterin burns $ 6.7 billion in Shiba Inu

Dogecoin’s rise to the top has led to the creation of several imitators that have attracted significant attention in recent weeks. Perhaps none has become more popular than DOGE’s self-described killer – Shiba Inu.

One of the attractive features came from the anonymous developers who decided to submit half the total supply for Vitalik Buterin – the co-founder of Ethereum. The other half remains blocked for liquidity at Uniswap.

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

“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 (avoiding large-scale loss of life), but with a long-term orientation. ”- he explained in the hash of transaction.

Buterin described the serious problem that COVID-19 created for the entire world and added: “It is important to think about the future in the long term as well.”

At the time of the transaction, the 410.24 trillion SHIB tokens that Buterin sent from his portfolio were worth about $ 6.74 billion.

The increasing popularity of SHIB has caused a massive increase in prices in recent weeks. It culminated in a record high of almost $ 0.00004 after listing on the largest exchange in the world – Binance.

Shiba’s generosity

The Ethereum co-founder mentioned his decision to donate a substantial amount of these tokens to charitable organizations.

“Many people who love dogs have shown their generosity and willingness to not only focus on their own profits, but also to be interested in making the world as a whole better.”

However, it also attracted some heat after its actions, as some furious developers created coins with offensive names. As such, he urged the community to refrain from sending him new tokens without his consent in the future.

“I don’t want to be such a center of power. Better to simply print the coins directly into the hands of a worthy charity (however talk to them first.) ”

Source: CryptoPotato

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