The central theses
- Vitalik Buterin has burned just over 410 trillion of the SHIB tokens in his wallet, declaring that he does not want to be a “place of power”.
- Buterin recently received a large chunk of SHIB and other Hund-branded tokens in his Ethereum wallet.
- Buterin sent $ 1 billion worth of SHIB and other tokens to various nonprofits last week.
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After Vitalik Buterin sent $ 1 billion worth of SHIB to the Indian relief fund COVID-19 last week, he burned 41% of the token’s circulation.
Vitalik Buterin burns SHIB Supply
Vitalik Buterin spent part of his weekend destroying dog coins.
The co-founder of Ethereum sent 410,241,996,771,871.894771826174755464 SHIB to a burning address yesterday evening, which corresponds to around 41% of the circulating supply.
Buterin had received large amounts of SHIB and other so-called “dog tags” in his Ethereum wallet. His wallet is known to many crypto followers, so several projects in the past have chosen to send a supply of their tokens to his address, likely as a guerrilla marketing tactic.
Many dog-related crypto projects have received increased attention in recent weeks due to the surge in Dogecoin. The Dogecoin derivatives inadvertently came into the spotlight last Wednesday when Buterin began exchanging the tokens received for ETH and sending the coins to various charities. During the philanthropic rampage, he sent 50.69 trillion SHIB to the Indian Covid-Crypto Relief Fund. The donation had a face value of $ 1.1 billion.
After burning the SHIB tokens last night, Buterin posted an onchain message stating that he would not want to receive tokens without consent. “Please do not give me any coins or power in your project without my consent!” he said. “I don’t want to be a place of power like that.” Buterin also applauded “the dog tag communities” for their willingness to support charity and urged other projects to consider donating to charities. The full message read:
“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 more long-term focus Covid is a big problem now, but it is important to think about the longer term future too!
Keeping the remaining coins in the 0xab58 wallet forever was never an option. For security reasons alone, they would have to be moved to a better wallet at some point, and every transaction I make would be interpreted as an action. So … might as well do something useful right away.
I was really impressed with how the dog token communities have treated the recent donations! Many dog people have shown their generosity and willingness not only to focus on their own gains, but also to be interested in making the world as a whole better. I support everyone who seriously does this.
But for anyone who will make coins (or daos or whatever) in the future, please don’t give me coins or power in your project without my consent! I don’t want to be a place of power like that. Better to print the coins straight into the hands of a worthy charity (but talk to them first). ”
Shiba Inu Posted a statement on Twitter following the act stating that “it’s just the beginning” for the project.
It is not yet clear what Buterin plans to do with his remaining coins. Buterin has been active since the news was posted last night: his transaction history shows that he spent Monday morning exchanging LabraDoodle’s LOODL tokens and other coins for wrapped ETH on Uniswap.
Disclosure: At the time of writing, the author of this role owned ETH, FLI, and several other cryptocurrencies. They were also exposed in a UNI cryptocurrency index.
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