Ethereum Co-Founder Vitalik Buterin Burns 410 Trillion Shiba Inu Tokens. Is The Dogecoin Clone Set For Another Bull Run?

Ethereum (ETH) co-founder Vitalik Buterin, who was sent 50% of SHIBA INU’s (SHIB) token supply by the founders of the so-called Dogecoin (DOGE) killer coin, has burned a substantial amount of the gift.

What Happened: Buterin last week donated 50 trillion SHIB to India Covid Relief Fund, alongside other cryptocurrencies.

Ethereum Co-Founder Vitalik Buterin Burns 410 Trillion Shiba Inu Tokens. Is The Dogecoin Clone Set For Another Bull Run?

Buterin — who came into the possession of 505 trillion SHIB tokens last week — “burned” 90% of the remaining tokens in his wallet, according to a transaction record on Ethereum’s blockchain on Etherscan.io. It should be noted that the remaining 50% of SHIB is locked to Uniswap (UNI).

Burning refers to the act of sending a token to an unusable account and removing it from circulation, which diminishes supply and increases its scarcity. 

The Ethereum co-founder sent 410.24 trillion SHIB tokens from his wallet, valued at $6.74 billion at the time of the transaction.

“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,” wrote Buterin in the transaction hash.

“Covid is a big problem now, but it's important to think about the longer term future too!”

SHIB traded 4.29% higher at $0.000016 at press time. It has a circulating supply of 394.8 trillion coins, as per CoinMarketCap. The total supply is one quadrillion.

ETH traded 9.93% lower at $3,435.05 at press time on a 24-hour basis, while the apex cryptocurrency Bitcoin (BTC) traded 5.95% lower at $45,143.70.

Why It Matters: Buterin praised “dog token communities” in the transaction saying “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.”

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