- Ethereum Founder Vitalik Buterin burned 410 trillion Shiba Inu (SHIB) tokens
- The value of the burned amount goes to almost up to 7 billion dollars
- Vitalik also donated 1.5 billion dollars worth of SHIB to the India COVID-Crypto Relief Fund
Ethereum Founder Vitalik Buterin recently burned 410 trillion Shiba Inu (SHIB) tokens. The value of this amount goes up to 7 billion dollars. Buterin initiated the burn transaction after donating 50 trillion SHIB, worth around $1 billion at the time of the transaction, to the India COVID-Crypto Relief Fund.
After a recent dump in the price of SHIB, Buterin decided to burn 90 percent of the SHIB tokens in his wallet. This makes up 41 percent of the SHIB’s total circulating supply. Immediately after this was done, SHIB’s price shot up by 40 percent.
Crypto influencer and technical analyst Lark Davis was quick to react to this development. “Vitalik just burned billions of dollars worth of $shib, WOW!!!,” he said.
Vitalik just burned billions of dollars worth of $shib, WOW!!!— Lark Davis (@TheCryptoLark) May 17, 2021
Aside from SHIB, Buterin also made donations using other meme-themed dog tokens Dogelon (ELON) and Akita Inu (AKITA) which he received from its creators.
Netizens reacted to this stunt with various sentiments, some speculate that this was done to help increase SHIB’s price for the relief fund.
In the transaction hash, Buterin wrote, “I’ve 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. Covid is a big problem now, but it’s important to think about the longer term future too!”
This article was first published on coinquora.com