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Vitalik Buterin continues his donations streak by burning $6.7B of Shiba

Vitalik Buterin continues his donations streak by burning $6.7B of Shiba

The worlds youngest crypto billionaire and co-founder of Ethereum (ETH), Vitalik Buterin, who a few weeks back donated cryptocurrency worth over $1 billion to India’s Covid-19 relief fund, after the anxious tweet by Sandeep Nailwal, co-founder of Polygon tweet:

Can’t take this sitting down anymore, I am going to run a Covid relief campaign in lieu of what’s going on in India. Need help from the Global crypto community. I will take full responsibility for transparency, funds usage and regulatory compliance If you want to donate.. 1/n

This move was praised online as one of the most significant charitable motions during the pandemic. But, Buterin didn’t stop here, he continued his donation streak by recently burning approximately half of the supply of the famous coin, Shiba Inu (SHIB) to various charities (he didn’t disclose).

He had the ownership of 505 trillion SHIB tokens a week ago but “burned” 90% of the leftover tokens in his wallet, as per an exchange record on Ethereum’s blockchain on Etherscan.io. It ought to be noticed that the spare half of SHIB is bolted to Uniswap (UNI).

In a statement inserted into the exchange on May 16, Vitalik Buterin disclosed why he chose to burn $6.7 billion worth of SHIB tokens, accentuating the “generosity” of the “canine token community.”

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.

The Shiba Inu token costs skyrocketed when recorded on Binance a week ago amid the surging prominence of Dogecoin and altcoins. SHIB promotes itself as a Dogecoin as it discovered love from investors in China.

Additionally, as a result of Buterin’s massive burn, Shiba Inu ended up being amongst the very few tokens who survived the ongoing cryptocurrency sell-off. Not exclusively did the Buterin drastically bring down the absolute stock of SHIB by burning his tremendous stake, but he also made it more decentralized.


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