Shiba Inu (SHIB) Price Hits 40$ as Vitalik Buterin Burns 410 Trillion Tokens worth $6.7 Billion

UTC by Bhushan Akolkar · 2 min read
Shiba Inu (SHIB) Price Hits 40$ as Vitalik Buterin Burns 410 Trillion Tokens worth $6.7 Billion
Photo: Unsplash

Vitalik Buterin has liquidated over 90% of SHIB tokens in his wallet and said that the remaining 10% shall go to crypto relief charities in the future.

After last week’s massive sell-off of the SHIB tokens and donating the proceeds to charity, Ethereum co-founder Vitalik Buterin is once again driving the Shiba Inu (SHIB) token price. Earlier today, Buterin burnt nearly half the supply of SHIB, the Dogecoin killer.

Buterin and Shiba Inu Tokens

This sent the SHIB token price soaring all the way to an intraday high of $0.000019. With its latest price rally, the SHIB token has seen strong investor interest. Last week, before Buterin selling off his holdings, the SHIB token price surged all the way to $0.00003.

In his latest transaction on May 16, which burnt $6.7 billion worth of SHIB tokens, Buterin talked about the “generosity” of the “dog token communities”. Embedding his statement into the transaction, Buterin explained:

“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.”

With this token burn, Buterin destroyed 410 trillion SHIB tokens getting them out of circulation forever. Also, this was nearly 90% of the remaining SHIB supply in his wallet. This supply crunch resulted in a sharp surge in the SHIB token price.

Dog-Themed Bull Run

After the massive success of Dogecoin this year, the dog-themed tokens are gaining strong prominence among investors. Shiba Inu has been one such dog-themed token benefitting out of Dogecoin’s success.

SHIB is an also ERC20 token based on the Ethereum blockchain network. The SHIB token developers gave nearly 50% of the tokens as a matter of respect for the Ethereum founder. Last week, Buterin sold a massive quantity of SHIB tokens generating $1 billion through the sale. He later sent all the proceeds to India’s Crypto Covid Relief Fund.

The crypto billionaire still holds 10% tokens in his wallet. Buterin said that he isn’t yet sure of what he wants to do with the remaining 10% SHIB tokens in his wallet. However, he noted that it will go towards crypto relief charities. Buterin had received a massive sum of SHIB in a public address from its creators. However, he has asked them not to do so in the future without his consent.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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