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- Buterin destroys a whopping 41 percent of the total SHIB in circulation
- Value estimated to be around $7 trillion
- Shib values tank by more than 35%
Vitalik Buterin, at 27, is the world’s youngest and the wealthiest cryptocurrency billionaire. He is also the Ethereum co-founder and is in the news because he has just destroyed $7 trillion worth of the Shiba Inu coin.
41 percent of the total SHIB in circulation wiped off
Vitalik sent an almost infinite number of coins to a dead wallet address. It accounts for a whopping 41 percent of the total SHIB in circulation.news.com.au quoted Vitalik Buterin, who said he has decided to burn 90% of the Shiba Inu coin. A note alongside the transaction revealed that Vitalik’s holdings in SHIB were gifted to him by the coin’s founders as a marketing tactic when it launched. Vitalik intends to send the remaining for charity. However, Vitalik said that the charity would be intended for long-term orientation.
Donates $1 Billion in cryptocurrency for COVID relief in India
The news.com.au reports that a week ago, Vitalik had donated over $1 billion in cryptocurrency to the India COVID Relief Fund and several other charities before burning $7 trillion worth of Shiba Inu coin. After this, investors panicked, and there was a steep 35% drop in SHIB’s price on Wednesday — and its value continues to fluctuate. Shib is an acronym for Shiba Inu.
Buterin also donated another meme currency, Dogelon mars (ELON). The latter had become immensely popular in recent months. SHIB is a joke on DOGECOIN, which itself was created as a joke.
After recent surges in cryptocurrency sentiments, SHIB successfully courted retail investors in China and other markets. Before Wednesday’s crash, it was able to rake in billions (USD) worth of investment in recent days.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
