The Ethereum founder Vitalik Buterin has sent 90% of his remaining Shiba Inu tokens (SHIB) to an inaccessible address and thus burned them. The tokens burned by the Ethereum developer have a value of about $7 billion.
As a result of this action, the price of the SHIB token has skyrocketed by 50% in just one hour.
Buterin has explained his decision in a comment on the transaction on the blockchain. He has promised to donate the remaining 10% of SHIB to charity. Buterin had previously donated $1.5 billion in cryptocurrencies, including SHIB tokens, to help India and medical development. The Ethereum founder has written about it:
"I’ve actually been impressed by how the dog token communities have treated the recent donation! 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."
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Buterin has also said he would not keep SHIB in his wallet forever for security reasons and planned to move them to another location. However, any transaction would be perceived as a stock, so he has decided to dispose of the coins immediately. Buterin added:
"But for anyone making coins (or daos, or whatever else) in the future, PLEASE DO NOT GIVE ME COINS OR POWER IN YOUR PROJECT WITHOUT MY CONSENT! I don't *want* to be the locus of power of that kind. Better to just print the coins into the hands of a worthy charity directly (though do talk to them first".