Ethereum Founder Vitalik Buterin Burns $6 Billion Worth Of SHIB

As Elon Musk continues to be on the receiving end of much of the hate directed towards him by the cryptocurrency community following his decision to no longer have Tesla accept Bitcoin (BTC) as a form of payment in favor of supporting the widely popular ‘joke’ crypto Dogecoin (DOGE) instead, investors are looking towards another altcoin which many have since called the ‘DOGE Killer.’

We are, of course, talking about Shiba Inu (SHIB). Unlike DOGE, the creators of Shiba Inu remain anonymous, and the creator(s) had also sent half of the token supply to Vitalik Buterin, a co-founder of Ethereum (ETH). In the latest news, it had been revealed that Buterin has now burned nearly all of the SHIB tokens in his possession, which resulted in SHIB being among the extremely few altcoins to be in the green lately.

Buterin did not want SHIB tokens

Buterin became a popular figure in the SHIB community following his recent decision to burn 90% of his respective Shiba Inu tokens. The other 10% are set to be donated for charity-related purposes.

Buterin went on to say that in addition to burning most of the tokens, the remainder shall be sent to a charity that has yet to be decided. Buterin had also made a considerable donation to assist in the fight against the ongoing spread of the Covid-19 pandemic in India lately, so his contributions to charity have been well documented.

He additionally stated that storing the SHIB tokens into his own wallets was never really a viable option, as he did not want individuals to accidentally misinterpret his recent transaction. This is also why the programmer had chosen to burn his tokens without any further delay. He also said that while he is appreciative of receiving the tokens, he would nonetheless have preferred it if this transaction had been carried out with his consent.

Success for SHIB

As aforementioned, the decision by Buterin had resulted in SHIB being one of the few cryptocurrencies to be in the green as of late. Moreover, his burning of the tokens had significantly lowered the overall supply of the SHIB coins, and it also resulted in increased decentralization.

In comparison, Shiba Inu’s main competitor, DOGE, had experienced a decrease of 9% as of the time of this writing and is currently trading at $0.47.

Leave a Reply

Your email address will not be published.