Shiba Inu Meme Token: Vitalik Buterin burns around half of all SHIBs
The conceptual inventor of the cryptocurrency Ethereum (ETH) received around half of all tokens from the dog token Shiba Inu (SHIB) developers. The aim was to “burn” half of the total amount of all SHIB and thus make it inaccessible. Buterin initially thwarted these plans before burning USD 6.7 billion in SHIB.
Vitalik Buterin, the co-founder of Ethereum, has done it again. After the Canadian-Russian software developer caused a sensation in the dog token community around Dogecoin (DOGE) or Shiba Inu (SHIB) with his charity campaign, now comes the “reward” for the HODLers of these assets.
Because Vitalik Buterin burned almost half of the total amount of all SHIBs (around 6.7 billion USD in the equivalent). In doing so, he fulfilled the speculation of the developers of the “DOGE-Killer” that half of the total amount would be inaccessible at almost one stroke. This only temporarily helped the dog token price, as Tesla CEO Elon Musk’s anti-Bitcoin sentiment continues to hold the markets captive.
Vitalik Buterin is doing good and is now giving the SHIB community a gift
We were all able to observe thousands of percent of performance recently, while DOGE, SHIB and other “dog tokens” flew “to the moon”, so to speak. But this rally, driven by Dogecoin’s hype (triggered by Elon Musk), came to an abrupt end on May 12, 2021. Vitalik Buterin sold large amounts of tokens and donated to charity funds on that day.
But instead of massive criticism for the sale of many of the assets all-around any dog breeds, the dog token community impressed Vitalik Buterin. In an attached message to the transaction confirming the burn of the SHIB tokens, he wrote:
I’m really impressed with how the dog token community had received the latest fundraiser. Many showed generosity and a willingness not only to look after their own profits but an interest in making the world as a whole a little better. I support everyone who is sincerely involved here.
Speculation at Shiba Inu is out, Buterin doesn’t want any more tokens
The Ethereum co-founder now burned 90% of his remaining SHIB and wants to donate the remaining 10% again to a good cause. It is not yet known exactly where the tokens will go. Buterin came into possession of half of the total amount of all SHIB tokens after the developers of the Shiba Inu token transferred this half of the total amount to him.
The developers’ hope was based on the fact that these tokens would have been “burned”, since Vitalik Buterin would probably have no interest in selling the amount of SHIB for his own profit. But Vitalik Buterin didn’t think much of it, if only for market-relevant safety reasons. He stated that any movement of these tokens would have generated massive speculation.
He also asked developers and other people to please stop donating tokens to him. Because the bottom line is that tokens sent to Buterin are not considered “burned” as the digital assets can still be moved.