Vitalik burns $ 6.7 billion worth of Shiba in to reward generous hodlers

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Ethereum co-founder Vitalik Buterin has burned nearly half of the supply of famed Dogecoin clone, Shiba Inu (SHIB).

In a statement incorporated into the transaction on May 16, Vitalik Buterin explained why he decided to burn $ 6.7 billion in SHIB tokens, highlighting the “generosity” of “dog token communities”.

“In fact, I have been impressed with the way the Dog Token communities have handled recent donations! Many dogs have shown their generosity and willingness not only to focus on their own profits, but also to want to make the world a better place. I support everyone who does it seriously. “

The recent dog-themed bull run came to an abrupt end on May 12, as Buterin liquidated billions of tokens the creators of Shiba gave him and donated to charity.

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The Ethereum co-founder said he has decided to burn the remaining 90% of the Shiba tokens in his wallet and allocate the remaining 10% to charity. He added that charities with similar values ​​to Crypto Relief – an Indian organization focused on supporting Covid through crypto-asset donations – would be considered potential beneficiaries.

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 might arise from trading him using the dog tokens. in the future.

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He also asked people not to give him any more tokens because he didn’t want to be a “locus of power like that”.

Prices for Shiba Inu tokens turned ballistic when they were listed on Binance last week amid the growing popularity of Dogecoin and other dog tokens. The surge in even dog-themed token trading has been blamed on the recent rise in Ethereum network fees – which reached an all-time high of $ 70 on May 12.

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At the time of writing, SHIB has fallen 7% in 24 hours amid the latest crypto crash triggered by anti-Bitcoin sentiment expressed by Elon Musk’s Twitter account.

Bitcoin has fallen 7% in the past 24 hours to $ 44,600 at the time of writing.