Vitalik Burned Almost $7B Of SHIB To Reward Generous Holders

Vitalik burned almost $7B of SHIB tokens to reward the generous holders of the “dog token communities” but not everyone was happy with his decision as we can see in our latest crypto news today.

Ethereum co-founder Vitalik Buterin burned nearly half of the supply of the Shiba Inu token and in a statement embedded in the transactions, he explained his decision, emphasizing the generosity of the “dog token communities” as 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.”

The recent dog-themed bull run came to an end as Buterin liquidated trillions of the token that he was gifted by the Shiba creators and donated the proceeds to charity. The ETH Co-founder said that he decided to burn the remaining 90% of the tokens in his wallet and to allocate the remaining 10% to charitable causes. He added that the charities with similar values that support COVID relief will be considered potential recipients.

Buterin noted that holding the coins entrusted to him wasn’t an option for security reasons and added that he wanted to avoid the speculation that could arise from him making transactions using the DOG token in the future. He also asked people not to donate more tokens to him as he didn’t want to be a “locus of power of that kind.” The SHIB token prices went ballistic when it got listed on Binance a week ago, amid the surging popularity of DOGE and other dog tokens. The surge of the meme token trading was blamed for the spike in ETH network fees which hit an ATH of $70 on May 12.

SHIB retreated 7% in 24hours amid the latest crypto crash triggered by the BTC sentiment expressed by Elon Musk. BTC retreated 7% over the past 24ours to $44,600.

As reported recently, The market for SHIB collapsed after Buterin got rid of all of his tokens and now one crypto scam watchdog group wants revenge. The Telegram group War on Rugs hates rug pulls but now they are trying to rug pull Ethereum. The group says it’s composed of developers and auditors that created the Rug Ethereum token in retaliation for the ETH co-founder Vitalik Buterin’s decisions o transfer millions of his SHIB tokens to charity while at the same time he crashed the market for the token.