Vitalik burns $6.7B of Shiba to reward generous hodlers


Ethereum co-founder Vitalik Buterin has burned nearly half of the supply of the popular Dogecoin (DOGE) clone Shiba Inu (SHIB).In a statement embedded into the transaction on Sunday, Buterin explained why he had decided to burn $6.7 billion worth of SHIB tokens, emphasizing the “generosity” of the “dog token communities.”“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 recent dog-themed bull run came to an abrupt end on Wednesday as Buterin liquidated trillions of the tokens he was gifted by Shiba’s creators and donated the proceeds to charity.The Ethereum co-founder said he had decided to burn the remaining 90% of Shiba tokens in his wallet and allocate the remaining 10% to charitable causes. He added that charities with similar values as CryptoRelief — an Indian organization focused on supporting COVID-19 relief through crypto-asset donations — would be considered as potential recipients.Buterin noted that simply holding the coins entrusted to him was not an option for security reasons, adding that he wanted to avoid the frenzied speculation that could arise from him making transactions using the dog tokens in the future.He also asked people not to donate any more tokens to him as he did not want to be a “locus of power of that kind.” The Shiba Inu token prices went ballistic when it was listed on Binance last week amid the surging popularity of Dogecoin and other dog tokens. The surge in canine-themed meme token trading was blamed for the recent spike in Ethereum network fees — which hit an average all-time high of $70 on Wednesday.At the time of writing, SHIB has retreated 7% in 24 hours amid the latest crypto crash triggered by anti-Bitcoin sentiment expressed by the Twitter account of Elon Musk. Bitcoin has retreated 7% over the past 24 hours to $44,600 as of this writing.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 27,168.28
ethereum
Ethereum (ETH) $ 1,897.12
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 307.29
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.516613
staked-ether
Lido Staked Ether (STETH) $ 1,895.43
cardano
Cardano (ADA) $ 0.376552
dogecoin
Dogecoin (DOGE) $ 0.072234
solana
Solana (SOL) $ 21.29
matic-network
Polygon (MATIC) $ 0.907433
litecoin
Litecoin (LTC) $ 95.20
tron
TRON (TRX) $ 0.076509
polkadot
Polkadot (DOT) $ 5.27
binance-usd
Binance USD (BUSD) $ 1.00
shiba-inu
Shiba Inu (SHIB) $ 0.000009
avalanche-2
Avalanche (AVAX) $ 14.47
dai
Dai (DAI) $ 1.00
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 27,186.28
uniswap
Uniswap (UNI) $ 5.08
leo-token
LEO Token (LEO) $ 3.60
chainlink
Chainlink (LINK) $ 6.42
cosmos
Cosmos Hub (ATOM) $ 10.60
okb
OKB (OKB) $ 46.16
monero
Monero (XMR) $ 146.40
the-open-network
Toncoin (TON) $ 1.77
ethereum-classic
Ethereum Classic (ETC) $ 18.06
stellar
Stellar (XLM) $ 0.092080
bitcoin-cash
Bitcoin Cash (BCH) $ 114.58
filecoin
Filecoin (FIL) $ 4.94
internet-computer
Internet Computer (ICP) $ 4.83
true-usd
TrueUSD (TUSD) $ 0.999700
lido-dao
Lido DAO (LDO) $ 2.31
aptos
Aptos (APT) $ 9.10
quant-network
Quant (QNT) $ 118.13
hedera-hashgraph
Hedera (HBAR) $ 0.051104
arbitrum
Arbitrum (ARB) $ 1.25
crypto-com-chain
Cronos (CRO) $ 0.059529
near
NEAR Protocol (NEAR) $ 1.60
vechain
VeChain (VET) $ 0.020041
the-graph
The Graph (GRT) $ 0.132963
apecoin
ApeCoin (APE) $ 3.11
algorand
Algorand (ALGO) $ 0.151937
the-sandbox
The Sandbox (SAND) $ 0.564355
paxos-standard
Pax Dollar (USDP) $ 0.999888
eos
EOS (EOS) $ 0.906768
edgecoin-2
Edgecoin (EDGT) $ 1.00
frax
Frax (FRAX) $ 1.00
render-token
Render (RNDR) $ 2.63
elrond-erd-2
MultiversX (EGLD) $ 37.67