Vitalik Buterin destroyed 90% of his remaining stake in Shiba Inu, with the remaining 10% allocated to a charity to be determined. The promotion comes days after Buterin donated over $ 1 billion in SHIB to the India Covid-Crypto Relief Fund.
Buterin stated that his decision to destroy his SHIB and give it away was due to the fact that he did not want to be a “place of power” in the project.
Vitalik just burned a lot of $ SHIB. Also includes a message.https: //t.co/4hsYuqtUy2 pic.twitter.com/O0mcjDJqAH
– Revenant (@livelyrevenant) May 16, 2021
The founder of Shiba Inu sent 50% of the total offer to Buterin
The people behind Shiba Inu describe it as an experiment to build spontaneous communities in a decentralized manner.
The founders, dubbed “Dogecoin killers”, believe that their high supply (of 394.8 trillion tokens) can “outperform” Dogecoin and stay below a cent.
Things really got going last week when SHIB gained 146%. This was due to the fact that the token was listed in Binance, Huobi and FTX. SHIB hit a new all-time high of $0.00003791.
Since then, however, SHIB has done poorly in the further downturn in “Elon FUD”. Shiba Inu is down 68% from its all-time high a week ago.
The Shiba Inu “Woofpaper” explained why Ethereum was chosen as the host network. The anonymous founder, known only as “Ryoshi”, said that Ethereum was a secure and well-established network that would allow his project to evolve.
The Shiba Inu founder sent 50% of the total SHIB supply to Buterin to build trust in the project. Ryoshi said this “vulnerable point” shows “greatness.”
“We sent over 50% of the total offer to Vitalik. There is no greatness without a vulnerable point and as long as VB does not attract us, SHIBA will grow and survive. “
Buterin asks projects not to send him tokens
Buterin sent 410,241,996,771,871 SHIB tokens to a dead wallet address, rendering them inaccessible and therefore withdrawn from circulation.
The price of SHIB reacted by jumping 55%, hitting a high of $ 0.00001960 before moving back down. This is in contrast to the market that sold out last week in response to Buterin’s donation to the Covid Relief Fund.
In explaining his actions, Buterin said that for security reasons, keeping the SHIB in its current wallet was never an option. Moving to a more secure wallet, as well as any other future action, may have been misinterpreted. With that, Buterin said: “Might as well do useful things right away.”
He signed by saying no one should send him coins in the future. In addition, he doesn’t want to be an authority point in any project without being asked beforehand.
“But for everyone who will make coins (or Daos or whatever) in the future, please don’t give me any coins or power in your project without my consent! I don’t want to be a place of power like that. “
The SHIB community has responded positively to the token burning.
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