Ethereum co-founder Vitalik Buterin has burned 90% of his Shiba Inu coin [SHIB] holdings, an amount worth around $6.7 Bln.
The trove of over 410 trillion tokens was transferred to a dead blockchain address earlier on Sunday, taking them out of circulation.
Buterin had been gifted half SHIB’s total supply in recent weeks, in what seemed to be a marketing stunt.
“I’ve decided to burn 90% of the remaining Shiba tokens in my wallet. The remaining 10% are going to be transferred to a [not yet decided] charity with similar values to cryptorelief [preventing large-scale loss of life] but with a more long-term orientation,” he explained within an official note attached to a different transaction at the same time.
Last week, Buterin gave 50 trillion SHIB tokens [worth around $1.2 Bln at the reporting time] to an India Covid Relief Fund found out by Polygon founder Sandeep Nailwal.
Referring to itself as a “DOGE killer,” SHIB saw an increase of nearly 900% within the past 15 days, culminating in an all-time high of $0.00003791 USD earlier on 10th May and listings on major exchanges like Binance and Huobi.
The remaining half of SHIB’s supply is locked for liquidity on the DeFi platform Uniswap.
Buterin also added within his note that he would like makers of cryptocurrencies to give them to charities and not him. “I don’t *want* to be a locus of power of that sort,” he explained.
The news of Buterin’s actions has not had any significant effect on SHIB’s price, despite a little bump to $0.00001880 USD immediately after, consistent with CoinGecko. Since then it’s pulled back and is hovering around $0.000016 USD at the reporting time.