Ethereum co-founder Vitalik Buterin burned almost half of the supply of Shiba Inu (SHIB), a clone of Dogecoin, the popular name in the cryptocurrency world.
In a statement on the transaction, which took place on May 16, Vitalik Buterin described his decision to burn a total of $ 6.7 billion worth of SHIB tokens as “the generosity of dog token communities”.
“I was impressed by the way the canine token community approaches donations! Many dog token holders have demonstrated their willingness not only to focus on making profits, but also to be interested in making the world as a whole better. I seriously support anyone who does this.”
Buterin, who disposed of trillions of tokens gifted by the developers of the Shiba token, donated the proceeds from May 12 to charities.
Ethereum co-founder announced that he decided to burn 90 percent of Shiba tokens and send the remaining 10 percent to charities. India-based Covid support organization CryptoRelief, which collects donations with crypto money, announced that it can help institutions such as CryptoRelief.
Stating that it is not safe for him to keep the tokens entrusted to him, Buterin added that he wanted to avoid massive speculation that could arise in the event of future transactions over dog tokens.
He also asked people not to send him any more tokens, as he did not want to be “such a central power”.
The Shiba Inu token price skyrocketed as it was listed on Binance last week, with the growing popularity of Dogecoin and other dog tokens. The surge in dog-themed token trading hit an all-time high on May 12th. During the same period, Ethereum network fees increased up to $ 70.
SHIB pulled back 7 percent within 24 hours after Elon Musk’s anti-Bitcoin statements on Twitter.
Bitcoin, on the other hand, was trading at $ 45,000, withdrawing 8 percent in the last 24 hours at the time of this article.