Vitalik Buterin, who was gifted half of Shiba Inu’s total supply, has burned 90% of his holdings worth nearly $7 billion. The Ethereum co-founder further said he would allocate the remaining 10% to charitable organizations while also praising the “dog token community” for its generosity.
Buterin Burns $6.7B in Shiba Inu
The Dogecoin rise to the top led to the creation of numerous copycats that garnered significant attention in the past several weeks. Perhaps none became more popular than the self-described DOGE-killer – Shiba Inu.
One of the compelling features came from the anonymous developers who decided to send half of the total supply to Vitalik Buterin – the co-founder of Ethereum. The other half remains locked for liquidity on Uniswap.
Buterin, who donated 50 trillion SHIB tokens (and other dog-related digital assets) to India Covid Relief Fund last week, has decided to burn the majority of his Shiba Inu holdings now.
“I have decided to burn 90% of the remaining Shiba tokens in my wallet. The remaining 10% will be sent to a (not yet decided) charity with similar values to CryptoRelief (preventing large-scale loss of life) but with a more long-term orientation.” – he explained in the transaction hash.
Buterin outlined the severe problem COVID-19 has created for the entire world and added, “it’s important to think about the longer term future too.”
Upon the time of the transaction, the 410,24 trillion SHIB tokens Buterin sent from his wallet had a value of about $6.74 billion.
The booming popularity of SHIB caused a massive price surge in the past few weeks. It culminated in an all-time high at nearly $0.00004 after a listing on the world’s leading crypto exchange – Binance.
The Generosity of Dog People
Ethereum’s co-founder touched upon his aforementioned decision to donate a substantial amount of his dog tokens to charity organizations.
“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.”
However, he also attracted some heat following his actions as some angry 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 a locus of power of that kind. Better to just print the coins into the hands of a worthy charity directly (though do talk to them first.)”