After a sharp sell-off last week, the owners of the “DOGE killer” Shiba Inu (SHIB) started this week with a green note when Vitalik Buterin, co-founder of Ethereum (ETH), burned almost all of the SHIB tokens in his possession . Reduction of the total supply of coins.
SHIB, now number 22 by market cap, rose around 50% tonight (UTC time) to hit USD 0.0000188 before correcting downward. At 09:13 UTC it is trading at $ 0.0000166, up 4% in one day after falling 56% from its all-time high of $ 0.00003791 (per coin checko) on May 10th. However, the price is still up 2,341% in a month.
Last week, Buterin made a series of donations to nonprofits totaling $ 1.2 billion, including 50 billion SHIB tokens that have been donated to India’s Crypto COVID Relief Fund.
“It was never an option to keep the remaining coins in the 0xab58 wallet forever. 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. “ he said and added “That it was better to make something useful out of it right away.”
Hence, SHIB tokens are valued at 410.24 billion SHIBs valued at $ 6.58 billion at the time of the transaction was burned.
The remaining 10% will be sent to a charity “With similar values to Cryptorelief (prevention of large-scale deaths), but with a more long-term focus” Said Buterin.
As a reminder, 50% of the total SHIB offering has been deposited into the wallet of the co-founder of Ethereum.
However, he stressed that he does not want to be given coins or power on a project without his consent. “I don’t want to be a place of power like that. Better to put the coins straight into the hands of a worthy charity (but speak to them first),” he noted.
However, the new billionaire said he was “impressed with how the dog tag communities have treated the recent donations” and “many dog people” were not only focused on their own profits, but were also interested in making the world a better place.
But despite this burning, with the positive mood among the commentators, apparently increasingly Regarding Buterin’s move – some to donate while burning most, presumably to keep the price from going down – some commented that there is “still a Bajillion coin” out there. The circulating supply per CoinGecko is SHIB 497.72 trillion.
Still, not everyone was happy with Buterin, the Shiba distiller. The Telegram Group War Against Carpets created the Ethereum Carpet (RETH) Token following Buterin’s donation, which claimed the move crashed the market and hurt investors. A 4% tax is levied on all transactions, according to retribution coin creators. 2% go to the owners and 2% to the borrowing of the ETH, which is to be emptied on the loan platform Venus Protocol for decentralized financing (DeFi) based on the Binance Smart Chain (BSC) in favor of the Binance coin (BNB).