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Ethereum co-founder removed 40% of all Shiba token from circulation

One Ethereum co-founder has announced he's burned 40% of the total circulation of Shiba Inu tokens worth around $6.6 billion.

@Jak_ConnorTT
Published Wed, May 19 2021 2:34 AM CDT   |   Updated Wed, Jun 16 2021 2:32 AM CDT

Vitalik Burterin is one of the co-founders of Ethereum, and on May 16, he burned around $6.6 billion worth of the Dogecoin-killer Shiba Inu tokens.

Shiba Inu tokens were created after the meme cryptocurrency Dogecoin began to gain immense popularity. The Shiba Inu token (SHIB) is a new ERC-20 project that the developers behind the coin say "ERC-20 ONLY token can remain well under a penny and still outpace Dogecoin in a small amount of time (relatively speaking)." Buterin didn't sell $6.6 billion worth of Shiba coins, he actually burned them by removing them from circulation.

Burterin said that he has decided to burn 90% of the remaining Shiba token in his wallet, and the remaining 10% will be donated to a not yet decided charity that supports cryptorelief. Burterin goes on to say that he doesn't want to receive any coins or power in your project with his prior consent, as he says he doesn't "want to be a locus of power". How did Burterin burn his 410.24 trillion SHIB coins? He sent them to a dead blockchain address that can't be accessed by anyone, and is not a part of the circulating supply of coins.

For more information on this story, check out this link here.

Ethereum co-founder removed 40% of all Shiba token from circulation 01 | TweakTown.com
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Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest news. Jak's love for technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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