Vitalik burns $6 billion worth of Shiba Inu (SHIB)…

May 17, 2021 | Community Guides

Vitalik Buterin, lead co-founder of Ethereum has just performed one of the biggest burns in cryptocurrency history, at least from a single persons wallet.

The burn was excecuted in the past few hours, when the 27 year-old sent over 410,241,996,771,871 SHIB, equating to $6,715,661,487, to a burn address effectively removing them from supply forever.

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Shiba, a fork of the infamous Doge Coin, on creation sent over 50% of all tokens to Buterin’s known wallet address, in the hope that holders would be able to trust the Ethereum leader to “not rug us”…

Following the recent rise of the Shiba Inu (SHIB) token, which managed to reach a $16 billion market cap in the past few days. Shortly after Vb donated around $800 million worth of SHIB to the covid relief fund which is trying to combat the current crisis in India. Topped up to around $1 billion with 500 ETH.

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Who knows what happens next for SHIB and its loyal following. There are two sides to the argument.

If I was in the Shiba camp I would be running with the fact that half the SHIB tokens are now out of circulation forever increasing the demand for the token.

If I was against this, I would argue that this was a huge hit back at the current meme coin community that is very much at large at the minute.

Vitalik did write this short statement following the burn.

You can see both transactions and vitaliks public Ethereum wallet address on Etherescan or by clicking here. The wallet is easily accessible by searching the term “Vb”.

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