Ethereum co-founder Vitalik Buterin burned billions of dollars worth of Shiba-Inu (SHIB) coins after receiving half of the supply of Meme Crypto Asset from its founders.
Buterin got rid of 90% of his SHIB supply and has committed to giving the remaining 10% to an as-yet-undetermined charity.
In a transactional note in which Buterin sent $ 410 trillion SHIB worth $ 6.7 billion to an inaccessible wallet, Ethereum’s founder publicly announced his decision to burn the dog meme coin.
“I decided to burn 90% of the remaining Shiba tokens in my wallet. The remaining 10% will be sent to a charity (not yet decided) with values similar to CryptoRelief (prevention of large-scale deaths) but with a more long-term focus. “
The 410 trillion Shiba Inu tokens that Buterin burned make up about 41% of the total SHIB supply. Following the news of the burn, SHIB rose over 40% from $ 0.0000129 to $ 0.0000184. The crypto asset is currently trading at $ 0.000017 at the time of writing.
Shiba Inu has been dubbed the “DOGE killer” and was probably the most popular competitor for Dogecoin (DOGE) in the recent dog-related cryptocurrency trend. At one point in May, SHIB was up 2,471% from its monthly opening, making it one of the top performing cryptos over the period.
Buterin’s burning of SHIB and his pledge to charity comes days after donating 500 ETH worth $ 1.9 million to India Covid-Crypto Relief Fund to help the country cope with the ongoing COVID-19 -Cope with the pandemic.
Don’t Miss A Beat – Subscribe to send crypto email notifications straight to your inbox
Follow us on Twitter, Facebook and Telegram
Surf the Daily Hodl Mix
Featured image: Shutterstock / WindAwake / Cryptographer