Ethereum Creator Burns 6.7 Billion Dollars Worth Of Shiba Token

Vitalik Buterin, the co-creator of Ethereum blockchain has burned around half of the supply of the popular Dogecoin inspired meme coin Shiba Inu (SHIB).

In a statement lodged into the transaction on Sunday, Buterin elucidated why he had taken the step to burn 6.7 billion dollars worth of SHIB tokens, highlighting the open-handedness of the “dog token communities.”

He said,

“I’ve actually been impressed by how the dog token communities have treated the recent donations! 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. I support all who are earnestly doing that.”

Notably, the latest dog-themed bull run came to a hasty end on Wednesday as Buterin liquidated trillions of the coins he was gifted by Shiba’s co-founders and donated the receipts to charity.

Buterin mentioned that merely holding the tokens assigned to him was not an option for security purposes, adding that he desired to keep away from the tumultuous postulation that could emerge from him making transactions using the dog tokens in the future.

At press time, SHIB has declined by 1.5% in the last 24 hours amid the latest digital asset crash triggered by energy use concerns mentioned by the Twitter account of world’s richest man, Elon Musk.