Vitalik Buterin, the co-founder of Ethereum, has burned nearly half of the supply of the popular Dogecoin (DOGE) clone Shiba Inu (SHIB).
It has been reported that Buterin explained why he had decided to burn $6.7 billion worth of SHIB tokens, emphasizing the “generosity” of the “dog token communities.”
He said:
“I’ve actually been impressed by how the dog token communities have treated the recent donations! Plenty of dog people have shown their generosity and their willingness to not just focus on their own profits but also be interested in making the world as a whole better. I support all who are earnestly doing that.”
However, the recent dog-themed bull run came to an abrupt end on Wednesday as Buterin liquidated trillions of the tokens he was gifted by Shiba’s creators and donated the proceeds to charity.
Vitalik has burned $6.7 billion worth of SHIB tokens to support the “generosity” of “the dog token communities.” https://t.co/p2MptQFcfN — Cointelegraph (@Cointelegraph) May 17, 2021
The report said that Buterin noted that simply holding the coins entrusted to him was not an option for security reasons, adding that he wanted to avoid the frenzied speculation that could arise from him making transactions using the dog tokens in the future.
Thus, the Shiba Inu token prices went ballistic when it was listed on Binance last week amid the surging popularity of Dogecoin and other dog tokens.
Source: Cointelegraph