Vitalik Buterin Burns $6B in SHIB Tokens, Says He Doesn’t Want the ‘Power’
Ethereum co-founder Vitalik Buterin burned 90% of his holdings of Shiba Inu coins (SHIB), valued at $ 6.7 billion.
The treasure trove of more than 410 trillion tokens was sent to a dead blockchain address late on Sunday to be withdrawn from circulation.
Buterin had received half of the total SHIB offering in what was apparently a marketing stunt in the past few weeks.
Related: Vitalik vs. Dog Money: Recapitulating A Crazy Week in Crypto History
"I have decided to burn 90% of the remaining Shiba tokens in my wallet. The remaining 10% will be donated to a (pending) charity with similar values to Cryptorelief (preventing large-scale deaths) but with a longer-term focus , "he said in a note attached to another transaction on the Internet at the same time.
Last week, Buterin gave 50 trillion SHIB tokens (valued at around $ 1.2 billion at the time) to an Indian COVID-19 relief fund set up by Polygon founder Sandeep Nailwal.
Describing itself as the "DOGE killer," SHIB has seen its price rise nearly 900% over the past two weeks, culminating in an all-time high of $ 0.00003791 on May 10 and listings on major exchanges such as Binance and Huobi.
The remaining half of the SHIB offer is blocked for liquidity on the decentralized financial platform Uniswap.
Related Topics: Coinbase To Speed Up The New Coin Approval Process, Add DOGE: CEO
Buterin also said in his note that he would prefer cryptocurrency makers to give them to charities rather than him. "I don't want to be a place of power like that," he said.
The news of Buterin's measures had no significant impact on the SHIB price immediately after, despite a small spike to 0.00001880, according to CoinGecko. It has since pulled back, hovering around $ 0.000016 at press time.
See also: Binance's Indian Crypto Exchange lists SHIB tokens as Vitalik Gift Garners Local Press
Binance's Indian Crypto Exchange lists SHIB tokens as Vitalik Gift Garners Local Press
Market Wrap: DeFi Tokens Aave and Uniswap Climb during ETH and BTC Dump
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