Has Vitalik Buterin liquidated all his Shiba Inu (SHIB) tokens?

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys playing cricket,… read more.
on May 17, 2021
Updated: May 18, 2021
  • The Ethereum co-founder says it’s liquidating the entire Shiba tokens gifted to him by the token’s developer.
  • Buterin says the community should stop donating more Dog-themed cryptocurrencies to him.
  • The price of Dogecoin and other dog-themed tokens have shed slightly since Buterin announced his decision.

It seems the generosity of the “dog” token communities have been repaid after Ethereum founder Vitalik Buterin burned nearly 50% of the total supply of the Shiba Inu (SHIB) token, the popular Dogecoin clone. The SHIB tokens burned is worth an astonishing $6.7 billion, based on the current price.

Buterin explained why he decided to take such a decision in a statement embedded in the transaction, stating that the “dog token” holders have been very generous, and it’s proper to pay them back for their generosity. He said,

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

I’ve actually been impressed by how the dog token communities have treated the recent donations.

10% of tokens to be donated to charity

After Buterin liquidated the trillions of dog-themed tokens gifted to him by the Shiba creators, the bull-run for the tokens came to an abrupt end. He sold the tokens and donated the proceeds to charity.

He added that he will be burning 90% of his Shiba tokens in his wallet and donate the remaining 10% to charitable cause.

Buterin said he will consider charities that share similar values as Cryptorelief, especially when it comes to providing Covid-19 relief.

He added that for security reasons, it’s better not to hold on to the dog-themed tokens entrusted to him, saying he wants to prevent the sort of speculation that could spring up when he makes transactions with the token in the future.

Buterin has also said people should stop donating more dog-themed tokens to him as he doesn’t desire to be a strong influence to that extent.

SHIB price retreats after impressive performance over the week

Shortly after Binance listed the Shiba Inu token, its price shot to the roof. This was also helped by the increased interest in Dogecoin and other dog-themed tokens. And recently, as Ethereum fees rose again, many crypto holders blamed the rise on the surge in Dogecoin.

However, the SHIB token has retreated 7% a day after Elon Musk implied Tesla may sell off its Bitcoin holdings, which also affected the price of Bitcoin.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker, eToro
10/10
67% of retail CFD accounts lose money