Co-founderethereum Sunday destroyed an amount equal to about half of the total circulating supply of competing cryptocurrencies DogCoin, Sheeba Inu (SHIB).
In recent weeks Vitalik Butyrin has received half of SHIB’s total supply as a gift, of which he burned 90% yesterday and will send the rest to an as yet unconfirmed charity.
Ethereum co-founder Vitalik Butirin burnt 90% of his Sheeba Inu or SHIB coins (direct competition from Dogcoin, as both use Japanese dog image), valued at $ 6.7 billion.
A treasure trove of more than 410 billion tokens was sent from Sunday to Monday night to a dead blockchain address, removing them from circulation.
Donating these cryptocurrencies to Buterin is considered part of a marketing plan.
“I decided to burn 90% Sheeba tokens in my wallet. The remaining 10% will be sent to a charity (not yet fixed) whose values are similar to cryptorleaf (prevention of mass loss of life), but with a long-term orientation.“, He said in a note associated with another transaction at semetime.
Last week, Mr. Butirin donated 50 billion SHIB tokens (valued at around $ 1.2 billion at the time) to an Indian Kovid relief fund set up by Polygon founder Sandeep Nelwal.
Qualification as “Doge killer“, SHIB has gained nearly 900% of its value in the past two weeks, peaking on May 10 with an all-time high of $ 0.00003791 and quotes on major exchanges such as Binance And huobi.
The remaining half of SHIB’s offering is closed by liquidity from the decentralized financial platform Uniswap.
Vitalik Butirin also stated in his memo that he would prefer that the creators of the cryptocurrency be donated to him and not to him. “I do not want to be a person with such power“, he told.
By the time the news was written, Sheeba Inu was trading at $ 0.00001602.