Shiba Inu coin [SHIB] is not the only Dogecoin knock-off to have been riding on the latter’s immense popularity. But its rise to prominence can be attributed Ethereum co-founder and crypto billionaire Vitalik Buterin’s association with it.
Vitalik Buterin Burns 41% of Shiba Inu Coins
Buterin has reportedly destroyed $6.7 billion worth of the Shiba Inu coin [SHIB]. Coin burn is a process by which digital currency miners and developers burn or permanently remove tokens from circulation, thereby reducing the total supply and hence slowing down inflation rates. Hence, this move does look promising for investors of the latest canine-featured meme coin. So far, its price has positively reciprocated and registered an uptick from $0.000013 to $0.000016 on the 17th of May.
In a note attached to the transaction, Buterin revealed that he was impressed by how the dog token communities have treated the recent round of donations made for COVID-related relief funds.
He had also stated,
“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 crypto relief (preventing large-scale loss of life) but with a more long-term orientation,” wrote Buterin in the transaction hash”
Dog-themed Bull Part Halts
The latest move comes a week after the Ethereum exec donated 50 trillion SHIB to India Covid Relief Fund, alongside other cryptocurrencies. However after Buterin made the donation for covid relief, the value of Shiba Inu coins took a massive plunge by more than 40%. The Shiba Inu coin Founder, Ryoshi had a tacit understanding with Buterin to never sell these coins, which helped the coin to carry on artificial scarcity.
The bull run that was started by Elon Musk’s gimmicks came to an abrupt end right after Buterin went on to liquidate trillions of the tokens he was gifted.
At the time of writing. SHIB’s market cap was found at $6.49 billion, while its trading volume over the past 24-hours rose to $4.23 billion.