Ethereum co-founder Vitalik Buterin has burned almost half of the coins of the popular Dogecoin ( dodge ) clone Shiba Inu (SHIB).
In a statement embedded in the the transaction on Sunday, Buterin explained why he decided to burn $6.7 billion worth of SHIB tokens, highlighting the “generosity” of the “dog communities.” “I'm actually impressed with how the dog token communities are handling the recent donations! Many doge fans have shown their generosity and willingness not only to focus on their own profits, but also to be interested in improving the crypto world as a whole. I support all who sincerely do this. "
The recent bull dog field came to an abrupt end on Wednesday as Buterin liquidated trillions of the tokens he was gifted by the creators of Shiba, and donate the proceeds to charity.
The Ethereum co-founder said he decided to burn the remaining 90% of Shiba tokens in his wallet and distribute the remaining 10% to charitable causes. He added that charities with similar values such as CryptoRelief – an Indian organization focused on aiding COVID-19 relief through crypto-asset donations – will be considered as potential recipients.
Buterin noted that simply holding his entrusted coins was not an option for security reasons, adding that he wanted to avoid the frenzied speculation that could arise from doing dog token transactions in the future.
He also asked people not to donate any more coins to him as he did not want to be "a locus of power of this kind".
Shiba Inu Token Prices went ballistic when last week were listed on Binance on the background of the growing popularity of Dogecoin and other dog tokens . A surge in trading of dog-themed memo tokens has been blamed for the recent spike in Ethereum's network fees — which hit an all-time high of $70 on Wednesday.
At the time of writing, SHIB has retreated with 7% in 24 hours amid the latest crypto-induced anti-Bitcoin sentiment expressed by Elon Musk's Twitter account .
Bitcoin retreated 7% in the last 24 hours to $ 44,600 at the time of writing.
Source : cointelegraph