{"id":190612,"date":"2021-05-17T20:00:38","date_gmt":"2021-05-17T19:00:38","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=190612"},"modified":"2021-10-16T02:38:58","modified_gmt":"2021-10-16T01:38:58","slug":"heres-why-ethereums-vitalik-buterin-burned-7-billion-in-shiba-inu-shib","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/heres-why-ethereums-vitalik-buterin-burned-7-billion-in-shiba-inu-shib\/","title":{"rendered":"Here&#8217;s why Ethereum&#8217;s Vitalik Buterin burned $7 billion in Shiba Inu (SHIB)"},"content":{"rendered":"<p>Vitalik Buterin has destroyed <a href=\"https:\/\/twitter.com\/livelyrevenant\/status\/1394050695586791426\">90%<\/a> of his remaining holdings in <a href=\"https:\/\/cryptoslate.com\/coins\/shiba-inu\/\">Shiba Inu<\/a>, with the leftover 10% allocated to a yet-to-be-determined charity. The action comes days after Buterin donated over <a href=\"https:\/\/cryptoslate.com\/vitalik-buterin-1-billion-in-shiba-inu-donates-it-all-to-indias-covid-fight\/\">$1 billion<\/a> of <a href=\"https:\/\/cryptoslate.com\/vitalik-buterin-1-billion-in-shiba-inu-donates-it-all-to-indias-covid-fight\/\">SHIB<\/a> to the India Covid-Crypto Relief Fund.<\/p>\n<p>Buterin stated that his decision to destroy and give away his SHIB came from not wanting to be a &#8220;locus of power&#8221; in the project.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Vitalik just burned a lot of <a href=\"https:\/\/twitter.com\/search?q=%24SHIB&src=ctag&ref_src=twsrc%5Etfw\">$SHIB<\/a>. Also included a message.<a href=\"https:\/\/t.co\/4hsYuqtUy2\">https:\/\/t.co\/4hsYuqtUy2<\/a> <a href=\"https:\/\/t.co\/O0mcjDJqAH\">pic.twitter.com\/O0mcjDJqAH<\/a><\/p>\n<p>&mdash; Revenant (@livelyrevenant) <a href=\"https:\/\/twitter.com\/livelyrevenant\/status\/1394050695586791426?ref_src=twsrc%5Etfw\">May 16, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Shiba Inu founder sent 50% of total supply to Buterin<\/h2>\n<p>The people behind Shiba Inu describe it as an experiment in decentralized spontaneous community building.<\/p>\n<p>Dubbed the &#8220;Dogecoin killer,&#8221; the founders believe its high circulating supply (of <a href=\"https:\/\/coinmarketcap.com\/currencies\/shiba-inu\/\">394.8 trillion<\/a> tokens) can &#8220;outpace&#8221; Dogecoin and remain under a penny.<\/p>\n<p>Things really took off last week as SHIB rallied 146%. This was due to the token being listing on Binance, Huobi, and FTX. SHIB went on to post a new all-time high of $<span class=\"no-wrap\" data-price-json=\"{&quot;aed&quot;:0.00013925867240941194,&quot;ars&quot;:0.0035576701020633918,&quot;aud&quot;:4.838283481672814e-05,&quot;bch&quot;:2.802457538007597e-08,&quot;bdt&quot;:0.003215521150875923,&quot;bhd&quot;:1.429099853626273e-05,&quot;bmd&quot;:3.791208548660899e-05,&quot;bnb&quot;:5.992699055954778e-08,&quot;brl&quot;:0.0001980641082076912,&quot;btc&quot;:6.808538151155901e-10,&quot;cad&quot;:4.5871348713667725e-05,&quot;chf&quot;:3.415078957339702e-05,&quot;clp&quot;:0.026424727564935437,&quot;cny&quot;:0.00024326289652482676,&quot;czk&quot;:0.0007988531357054336,&quot;dkk&quot;:0.0002322585345914837,&quot;dot&quot;:1.040443795133592e-06,&quot;eos&quot;:4.117775121893758e-06,&quot;eth&quot;:9.634465624412922e-09,&quot;eur&quot;:3.123679085872533e-05,&quot;gbp&quot;:2.6837548283030164e-05,&quot;hkd&quot;:0.00029441198665908555,&quot;huf&quot;:0.01117511224164993,&quot;idr&quot;:0.5382985369901667,&quot;ils&quot;:0.0001233340041974457,&quot;inr&quot;:0.0027865478371113055,&quot;jpy&quot;:0.0041255267965031915,&quot;krw&quot;:0.042348979881323856,&quot;kwd&quot;:1.1402021798012182e-05,&quot;lkr&quot;:0.007470461950638125,&quot;ltc&quot;:1.0564592898160226e-07,&quot;mmk&quot;:0.05906608172720843,&quot;mxn&quot;:0.0007554741274916568,&quot;myr&quot;:0.0001557238911362466,&quot;ngn&quot;:0.015459763191789896,&quot;nok&quot;:0.00031348714917498854,&quot;nzd&quot;:5.21845829251543e-05,&quot;php&quot;:0.001814657384454196,&quot;pkr&quot;:0.0057721150153362205,&quot;pln&quot;:0.00014246766506125532,&quot;rub&quot;:0.0028182327867325705,&quot;sar&quot;:0.00014219803430927478,&quot;sek&quot;:0.0003161156698859461,&quot;sgd&quot;:5.029038139798685e-05,&quot;thb&quot;:0.0011794449794884062,&quot;try&quot;:0.0003138817381607334,&quot;twd&quot;:0.0010521020376353524,&quot;uah&quot;:0.0010522835227885728,&quot;usd&quot;:3.791208548660899e-05,&quot;vef&quot;:0.00037485122227831,&quot;vnd&quot;:0.8762505822505315,&quot;xag&quot;:1.4076103134283248e-06,&quot;xau&quot;:2.0660570106782447e-08,&quot;xdr&quot;:2.6266023594319517e-05,&quot;xlm&quot;:5.869442978616041e-05,&quot;xrp&quot;:2.6786936446307123e-05,&quot;yfi&quot;:6.399506391547579e-10,&quot;zar&quot;:0.0005324411197824856,&quot;bits&quot;:0.0006808538151155901,&quot;link&quot;:8.084321711338249e-07,&quot;sats&quot;:0.068085381511559}\" data-target=\"price.price\" data-price-previous=\"0.00003791208548660899\">0.00003791<\/span>.<\/p>\n<p>However, SHIB has since fared badly amid the wider &#8220;<a href=\"https:\/\/cryptoslate.com\/2-38-billion-rekt-in-crypto-markets-as-bitcoin-drops-to-43000\/\">Elon FUD<\/a>&#8221; downturn. Shiba Inu is down 68% from its all-time high a week ago.<\/p>\n<p>The Shiba Inu &#8220;<a href=\"https:\/\/raw.githubusercontent.com\/shytoshikusama\/shibawoofpaper\/main\/SHIBAINU_Ecosystem_WOOF_Paper.pdf\">woofpaper<\/a>&#8221; detailed why Ethereum was chosen as the host network. The anonymous founder, known only as &#8220;Ryoshi,&#8221; spoke about Ethereum being a secure and well-established network that will enable his project to evolve.<\/p>\n<p>The Shiba Inu founder sent 50% of the total SHIB supply to Buterin to build trust in the project. Ryoshi said that this &#8220;vulnerable point&#8221; demonstrates &#8220;greatness.&#8221;<\/p>\n<blockquote><p>&#8220;We sent over 50% of the TOTAL supply to Vitalik. There is no greatness without a vulnerable point and as long as VB doesn't rug pull us, then SHIBA will grow and survive.&#8221;<\/p><\/blockquote>\n<h2>Buterin asks projects not to send him tokens<\/h2>\n<p>Buterin sent <a href=\"https:\/\/etherscan.io\/tx\/0x125714bb4db48757007fff2671b37637bbfd6d47b3a4757ebbd0c5222984f905\">410,241,996,771,871 SHIB tokens<\/a> to a dead wallet address, making them inaccessible, therefore removing them from circulation.<\/p>\n<p>The price of SHIB responded with a 55% jump, peaking at $0.00001960, before trending back downwards. This contrasts with the market selling off in reaction to Buterin's covid relief fund donation last week.<\/p>\n<p>In explaining his actions, <a href=\"https:\/\/twitter.com\/livelyrevenant\/status\/1394050695586791426\">Buterin<\/a> said holding the SHIB in their current wallet was never an option for security reasons. Moving them to a more secure wallet, as well as any other future action, could have been misinterpreted. With that, Buterin said, &#8220;may as well do the useful thing immediately.&#8221;<\/p>\n<p>He signed off by saying no one should send him coins in the future. Adding that he doesn't want to be a point of authority in any project without being asked first.<\/p>\n<blockquote><p>&#8220;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 a locus of power of that kind.&#8221;<\/p><\/blockquote>\n<p>The SHIB community has responded positively to the token burn.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vitalik Buterin has destroyed 90% of his remaining holdings in Shiba Inu, with the leftover 10% allocated to a yet-to-be-determined charity. The action comes days after Buterin donated over $1 billion of SHIB to the India Covid-Crypto Relief Fund. Buterin stated that his decision to destroy and give away his SHIB came from not wanting [&hellip;]<\/p>\n","protected":false},"author":460,"featured_media":190632,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77032,29],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Here&#039;s why Ethereum&#039;s Vitalik Buterin burned $7 billion in Shiba Inu (SHIB)<\/title>\n<meta name=\"description\" content=\"Vitalik Buterin has destroyed 90% of his remaining holdings in Shiba Inu, with the leftover 10% allocated to a yet-to-be-determined charity.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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