Shortly after donating 50 trillion SHIB tokens (worth around $1.2 billion at the time) to India Covid-19 Relief Fund, Ethereum co-founder Vitalik Buterin burned 90% of his Shiba Inu coin (SHIB) holdings worth $6.7 billion.
Buterin was gifted half of SHIB’s total supply in recent weeks, in what appeared to be a marketing stunt. The creators of the tokens believe that this process could legitimize and protect SHIB’s circulation.
The crypto billionaire burned over 41% of the SHIB coin, by sending a trove of over 410 trillion tokens to a dead blockchain address late on Sunday. The amount destroyed equates to almost half of the total Shiba Inu in circulation.
Along with the transaction, Buterin attached a note stating: ““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.”
The Ethereum co-founder added “But for anyone making coins or daos in the future, please do not give me coins or power in your project without my consent. 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.”
Labelling itself a “DOGE killer,” SHIB has seen a price increase of nearly 900% in the last two weeks, culminating in an all-time high of $0.00003791 May 10 and listings on major exchanges such as Binance and Huobi.
Amid the burn of the SHIB tokens, Shiba Inu price experienced a small bump to $0.00001880 according to CoinGecko but immediately pulled back with over 40% with a local high of $0.000016. Many speculators suggested that Buterin’s transaction could be the fuel that could send Shiba Inu to the moon.