Vitalik Buterin, the founder of Ethereum has burned $6.6 billion in Shiba Inu tokens.
Vitalik Buterin, the co-founder of Ethereum, has burned 90% of his Shiba Inu coin (SHIB) holdings, worth $6.7 billion.
Late on Sunday, the trove of over 410 trillion tokens was sent to a defunct blockchain address, effectively removing them from circulation.
In recent weeks, Buterin was given half of SHIB's total supply in what seemed to be a publicity stunt.
“I've agreed to burn 90% of the shiba tokens left in my wallet. The remaining 10% will go to a (yet-to-be-determined) charity with principles close to cryptorelief (preventing large-scale loss of life), but with a longer-term focus,” he said it in a note that was also attached to another transaction at the time.
Last week, Buterin donated 50 trillion SHIB tokens (worth about $1.2 billion at the time) to Polygon creator Sandeep Nailwal's India COVID-19 relief fund.
SHIB, dubbed the "DOGE killer," has seen a nearly 900 percent price surge in the last two weeks, with an all-time high of $0.00003791 on May 10 and listings on major exchanges such as Binance and Huobi.
On the decentralised finance network Uniswap, the remaining half of SHIB's supply is locked for liquidity.
Buterin also mentioned in his note that he would prefer that cryptocurrency creators donate their coins to charity rather than to him. He said, "I don't *want* to be a locus of power of that sort."
According to CoinGecko, the news of Buterin's behaviour had no major impact on SHIB's price, despite a slight bump to $0.00001880 shortly after. It has since retreated and is currently floating around $0.000016 at press time.
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