Vitalik Buterin has burned 90% of his Shiba Inu tokens ($410T SHIB) worth $6.7 billion. As a result, almost half of the project’s coins were lost.
The founder of Ethereum commented on his decision, saying that the SHIB group demonstrated “generosity” by sending more than half of the total amount of SHIB to Buterin. Vitalik said that he noticed that these people are interested in their gain and making the world a better place. In exchange, he said that he wholeheartedly supports such a decision.
The Ethereum developer clarified that the urge to get rid of the “dog tokens” emerged for various reasons, including market protection. He seeks to avoid the frenzied speculation that might arise due to the SHIB-equivalent transactions he completed. Furthermore, Vitalik demanded that members of the crypto community stop sending him SHIB tokens.
Buterin plans to donate the remaining 10% of his SHIB tokens in his crypto wallet. He sees the CryptoRelief organization, which assists India in its battle against the coronavirus pandemic, as a possible recipient.
Shiba Inu has been one of the few tokens on the market that has managed to survive the continuing downturn in the crypto market as a result of Buterin’s “burning.” The token’s price has risen by 3% in the last 24 hours, and it is now trading on Binance for $0.00001653.