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Ethereum co-founder Vitalik burns $6.7B in SHIB tokens

Vitalik Buterin, who was given half the total supply of SHIB tokens as a gift from its makers, has done something colossal. The guy just burned half the total supply of the coins by sending them to a dead address. The total value of coins sent to this address was $6.7 billion. But even though it sounds bad, it is actually a good thing for the price of the token. Since there will be a lower supply than before, the prices could go higher.

Vitalik burns and dumps SHIB tokens.

Vitalik is not a fan of shitcoins and especially those that are based on Ethereum. And he has been very vocal about it with his actions. The guy donated over $1 billion in Shib tokens for COVID relief in India. And that created mass panic as it leads to high liquidity and also caused the prices to drop. And now Vitalik has sent over 410 trillion SHIB tokens to a dead blockchain address. The entire value of this transfer was $6.7 billion.

Vitalik Buterin burns SHIB tokens

Vitalik said that he had burned 90% of the total coins in his wallet. And the remaining 10% will also be utilized by him to donate for COVID in crypto relief funds. This is actually a great move by the co-founder of Ethereum. He also added that founders of such tokens should rather donate to charity rather than giving them to him. Vitalik said:

“I don’t *want* to be a locus of power of that kind”

Even though SHIB claims to be the Dogekiller, while the price of Dogecoin has been rising, that of SHIB is dropping due to heavy selling by Vitalik Buterin. Also, the series of bad news doesn’t seem to end for the token.

Should you invest in SHIB tokens?

I would say that it is okay to invest 2% or even less of one’s portfolio in the token. Even though there was a massive price jump in Shiba Inu in the last month, the bad news for the token doesn’t seem to end. Also, not, after all, it is a meme coin, and there is no real use case or practicality of the token. It is fine to invest a few bucks in the token and just see it move up and down. And considering the current price of the coin, if it does reach 1 cent or a dollar someday, even $5 invested now will be a lot of money.

What are your thoughts on the price of the SHIB token? And do you think that burning half of the total supply of the tokens will affect the same? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.

Also Read: Dave Portnoy invests $40k in Safemoon, says “there is no crying in crypto.”



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