2021-5-18 13:15 |
It seems the generosity of the “dog” token communities have been repaid after Ethereum founder Vitalik Buterin burned nearly 50% of the total supply of the Shiba Inu (SHIB) token, the popular Dogecoin clone. The SHIB tokens burned is worth an astonishing $6.7 billion, based on the current price.
Buterin explained why he decided to take such decision in a statement embedded in the transaction, stating that the “dog token” holders have been very generous, and it’s proper to pay them back for their generosity.
“I’ve actually been impressed by how the dog token communities have treated the recent donations,” he noted.
10% of tokens to be donated to charityAfter Buterin liquidated the trillions of dog-themed tokens gifted to him by the Shiba creators, the bull-run for the tokens came to an abrupt end. He sold the tokens and donated the proceeds to charity.
He added that he will be burning 90% of his Shiba tokens in his wallet and donate the remaining 10% to charitable cause.
Buterin said he will consider charities that share similar values as Cryptorelief, especially when it comes to providing Covid-19 relief.
He added that for security reasons, it’s better not to hold on to the dog-themed tokens entrusted to him, saying he wants to prevent the sort of speculation that could spring up when he makes transactions with the token in the future.
Buterin has also said people should stop donating more dog-themed tokens to him as he doesn’t desire to be a strong influence to that extent.
SHIB price retreats after impressive performance over the weakShortly after Binance listed the Shiba Inu token, its price shot to the roof. This was also helped by the increased interest in Dogecoin and other dog-themed tokens. And recently, as Ethereum fees rose again, many crypto holders blamed the rise on the surge in Dogecoin.
However, the SHIB token has retreated 7% a day after Elon Musk implied Tesla may sell off its Bitcoin holdings, which also affected the price of Bitcoin.
The post Has Vitalik Buterin liquidated all his Shiba Inu (SHIB) tokens? appeared first on Invezz.
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