77.1 F
New York
Wednesday, June 16, 2021

Ethereum Co-Founder Vitalik Buterin Decides to Burn 90% of His SHIB Holdings

Must read

VEON [NASDAQ: VEON] Announces Acquisition of AdTech in Russia

VEON Ltd disclosed that it has purchased a majority stake in OTM which is a technology platform for the automation and planning of...

MicroStrategy Decides to Sell $1B Stock With Plans To Buy More Bitcoin With Profit

Shares of MicroStrategy Incorporated skyrocketed 5.36% on Wednesday after the firm disclosed that it has decided to dump $1 billion worth of its...

Thailand SEC Forbids Crypto Exchanges from Listing Meme Tokens, NFTs, and More

Thailand SEC has made a new decision that forbids crypto exchanges to list meme tokens, NFTs, and many more. The decision to ban certain...

China’s Cryptocurrency Mining Crackdown Appears to be Widening

The cryptocurrency mining crackdown of China is continuously increasing. It has been seen that government departments in the province of Yunnan are gearing up...

Ethereum co-founder Vitalik Buterin has disclosed that he has decided to burn 90% of his SHB holdings. He disclosed that he has decided to donate the remaining 10% to a charity. The face value of the burned tokens was $6.7 billion and signified about 41% of the total SHIB supply.  He has decided to send remaining to charity with similar values to cryptorelief but with a more long-term orientation.

SHIB is an Ethereum-based token introduced in 2020 that’s heavily stirred by Dogecoin. The creators of SHIB sealed half of the token’s supply to Uniswap. The remaining one has been sent to a wallet possessed by Vitalik Buterin as an unsolicited gift. The token was largely inappropriate in the cryptocurrency market until this year’s Dogecoin increase, which led to augmented demand for various meme tokens, and SHIB was the biggest recipient of this trend.

Recently, the token was recorded by major crypto exchanges like Binance, which has made it available even for users who don’t want to use DEXes. Furthermore, Buterin dumps a sizeable amount of his SHIB holdings to finance charitable aids and contributed 50 trillion SHIB tokens to a COVID-19 relief fund for India.

Furthermore, the 50 trillion tokens were officially appreciated $1 billion at the time of the donation, although selling such large amounts would surely have a big influence on the SHIB market. Vitalik disclosed that he has not considered holding the remaining coins in the 0xab58 wallet forever.

He disclosed that anyone who is making coins in the future never sends him coins or power in any project without his consent.

More articles

Latest article

Accenture [NYSE: ACN] and Salesforce to Aid ISDI to Reduce its Environmental Impact

Accenture plc and Salesforce have partnered with ISDI to provide aid to the Salesforce-authorized global coaching organization. The firms will evaluate their carbon...

Iconix Brand [NASDAQ: ICON] to be Acquired by Iconix Acquisition Corp

Iconix Brand Group, Inc. disclosed that it has inked an agreement and plan of merger with Iconix Acquisition Corp. Iconix Brand Group is...

Binance Cryptocurrency Exchange to Launch a New NFT Platform

The Binance cryptocurrency exchange will be introducing a new on-chain NFT platform called "Featured by Binance". Cryptocurrency exchange Binance is joining the race of...

El Salvador Passes Bill to Accept Bitcoin as Legal Tender

EI Salvador has become the first country in Central America to pass the bill to accept Bitcoin as legal tender. It has been disclosed...

Gaming Platform Xaya Teams Up with Popular Ethereum Scaling Solution Polygon

Blockchain Gaming platform Xaya has joined hands with popular Ethereum scaling solution Polygon. Xaya has partnered with Polygon to improve the scalability of its...

Why CynergisTek [CTEK] is Skyrocketing Today?

CynergisTek, Inc. skyrocketed 24.73% during the trading session of Wednesday. The positive performance of the firm indicated the positive sentiments of the investors...

GOL Linhas [NYSE: GOL] Announces Acquisition of MAP Transportes Aéreos

Gol Linhas Aereas Inteligentes S.A. disclosed that it has inked an agreement to buy MAP Transportes Aéreos Ltda. The firm's buying decision highlights...

Chinese Twitter ‘Weibo’ Start Crack Down on Multiple Crypto Influencer Accounts

Chinese social media platform Weibo has started a crackdown against the multiple crypto influencer accounts. It has been disclosed that at least dozens of...