Shortly after donating $1.5 billion worth of Shiba Inu tokens to a COVID-19 relief crypto fund last week, Vitalik Buterin destroyed over 410 trillion SHIB tokens. After Buterin burning 41% of SHIB in circulation, the token rose by approximately 40% in value within just an hour.
Ethereum (ETH) co-founder Vitalik Buterin was sent 50% of SHIBA INU’s (SHIB) token supply by the developers of the cryptocurrency worth over 505 trillion SHIB tokens.
Earlier last week, Vitalik Buterin donated over 50 trillion SHIB to India's COVID-Crypto Relief Fund worth $1 billion.
After being accused of rug pulling on SHIB investors for dumping the token, Buterin takes to burning approximately $6 billion worth of SHIB tokens and will donate the remaining 10% to charity.
In a private note attached to the transaction record, Buterin said:
“I've decided to burn 90% of the remaining Shiba tokens in my wallet. The remaining 10% will be sent to a (not yet decided) charity with similar values to cryptorelief (preventing large-scale loss of life) but with a more long-term orientation.”
The Ethereum co-founder burned 90% of the remaining tokens in his wallet, according to a transaction record on the Ethereum blockchain while the remaining 50% of SHIB is locked to Uniswap (UNI).
Burning refers to sending a token to an unusable account and removing it from circulation with the intention of diminishing its supply while increasing its value.
Because of Buterin’s massive burn, Shiba Inu has pumped up due to him dramatically lowering the total supply of the tokens. Buterin’s burn could potentially trigger another rally.
“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 make the world as a whole better. I support all who are earnestly doing that.” says Buterin.
SHIB is up over 2,333% in the past 30 days. At the current time, SHIB is trading 4.9% higher at 0.00001667 with a circulating supply of 497 trillion coins.