$6.6 Billion, 410.24 trillion SHIB, Burn, Burning Tokens, Charity, Dog Tokens, dogecoin, ERC20 Tokens, Ethereum, Ethereum cofounder, Locus of Power, shib, shiba inu, Shiba Inu Tokens, Token Burn, Vitalik Buterin

After the dogecoin hype invoked a new ERC20 token project called Shiba Inu, the crypto asset has been making waves throughout the crypto industry. On Wednesday, the cofounder of Ethereum, Vitalik Buterin donated $1 billion worth of Shiba Inu to India’s Crypto Covid Relief Fund. Then a few days later on Sunday, Buterin decided to burn 410.24 trillion Shiba Inu tokens worth over $6 billion using today’s exchange rates.

Buterin Burns $6.6 Billion Worth of Shiba Inu Tokens

A new token called Shiba Inu (SHIB) has been a topical discussion within the digital currency community, aside from the recent focus on Tesla’s Elon Musk. The coin first started making headlines because of dogecoin (DOGE), as the ERC20 token is considered the “dogecoin killer†and the coin has turned people into multi-millionaires almost overnight. Additionally, five days ago, the cofounder of Ethereum, Vitalik Buterin, decided to donate around $1 billion worth of SHIB to India’s Crypto Covid Relief Fund.

Today, SHIB is exchanging hands for $0.00001617 per unit and is up close to 2% on Monday morning. At the time of writing, there is a massive circulating supply of over 497 trillion SHIB. The SHIB market has an overall valuation of around $8 billion with more than $3 billion in global trade volume. The Shiba Inu project has a sizable community, a “woofpaper,†and the team’s vision simply claims to be “Decentralized Meme Tokens that grew into a vibrant ecosystem.â€

After seeing massive gains in recent times and making headlines stemming from the recent Covid-19 relief effort donation, Vitalik Buterin brought SHIB into the spotlight again.

Ethereum Cofounder Says ‘I Don’t *Want* to Be a Locus of Power’

During the late evening hours on Sunday, Buterin burned

$6.6 Billion, 410.24 trillion SHIB, Burn, Burning Tokens, Charity, Dog Tokens, dogecoin, ERC20 Tokens, Ethereum, Ethereum cofounder, Locus of Power, shib, shiba inu, Shiba Inu Tokens, Token Burn, Vitalik Buterin
Vitalik Buterin’s entire message via the burn transaction hash. Photo credit: The Twitter account “VB Goat†or @icebucket95.

The Twitter account called “Shib Informer†wrote about Buterin’s billion-dollar token burn after the event. “25 minutes ago Vitalik Buterin burned most of his SHIB wallet. He has only 5% instead of 45%,†the account tweeted.

“I hope some of you are at least able to recognize the good deeds he has done both for the world and for the #SHIBArmy,†the SHIB Twitter account added. “You were all literally doubting a person -which is also one of the smartest persons in the world- that could have destroyed SHIB if he wanted but instead [chose] to use our token to improve the lives of thousands that were suffering.â€

What do you think about Buterin burning 410.24 trillion SHIB worth $6.6 billion? Let us know what you think about this event in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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