Ethereum co-founder burned $ 6.7 billion of the token in response to humanitarian aid from the SHIB Ino Community (SHIB). According to Butrin, he did it because of the generosity of the digital currency community.
to the the report Ethereum co-founder Vitalik Buterin, Coin Telegraph, burned nearly half of the supply of Shiba Inu’s popular token, which was deposited in his wallet at the beginning of the release.
Boutrin, in a statement hidden in the transaction on Sunday, emphasized the “generosity of token-to-dog communities” and explained why Shiba Ino had burned $ 6.7 billion in tokens.
I was really impressed by the behavior of the tokens communities that used dogs in their logo on their recent donations! Many of these people have shown that in addition to focusing on their own profits, they are also interested in improving global conditions. I support all those who do this honestly.
On Wednesday, when Butrin trillions of trillion units of tokens donated to him by Shiba Ino creators were donated to charity, the recent ascent of Shiba Inu tokens also came to an abrupt end.
Butrin said he had decided to burn 90 percent of the remaining tokens in his wallet and donate the other 10 percent to charity. He added that charities such as CryptoRelief, an Indian organization focused on Covid-19 through cryptocurrencies, would be potential recipients.
The Ethereum co-founder said he could not hold the donated tokens for security reasons, adding that his intention was to prevent insane speculation that might arise from his transactions in the future.
He also urged people not to give him any more tokens, as he did not want to be “a source of power of this kind.”
The price of the Shiba Inu token rose sharply last week after being listed on Bainance Exchange among the popularity of Dogecoin and other meme coins on the market. The increase in Ethereum network fees has been cited as the reason for the jump in transactions for these types of tokens. Ethereum averaged $ 70 a barrel on Wednesday.
With the recent collapse of the digital currency market following the tweets of Tesla CEO Elon Musk against Bitcoin, the price of the Xia Ino token also fell sharply.
Bitcoin has also fallen 7% in the last 24 hours to about $ 44,900.