Ethereum Co-Founder Vitalik Buterin Destroys 7 Trillion Shiba Inu Coins
upstart writes in with an IRC submission:
Crypto billionaire destroys $7 trillion:
Less than a week after donating over $1 billion in cryptocurrency to the India COVID Relief Fund and a range of other charities, the world's youngest known crypto billionaire has burned $7 trillion worth of the Shiba Inu coin.
Ethereum co-founder Vitalik Buterin sent a whopping 410,241,996,771,871.894771826174755464 coins to a dead wallet address - effectively destroying them and now accounting for 41 per cent of the total SHIB in circulation.
"I've decided to burn 90% of the remaining Shiba tokens in my wallet," Mr Buterin - whose holdings in SHIB were gifted to him by the coin's founders as a marketing tactic when it launched - wrote in a note alongside the transaction.
"The remaining 10% will be sent to a (not yet decided) charity with similar values to cryptorelief (preventing the large-scale loss of life) but with more long-term orientation. COVID is a big problem now, but it's important to think about the longer-term future too!"
[...] Following his transaction, SHIB released a statement of its own, writing it was the "second time SHIB has made history in the last week".
"Despite the fact that VB allowed us to be part of the single most generous act in cryptocurrency history, we have seen even long-term Shib holders become paperhands and dump millions and millions of dollars over the course of a few days," they wrote.
Mr Buterin's move means that SHIB's value could now increase, now that the circulating supply of it has been halved, making each individual coin technically rarer.
[ According to coinmarketcap, SHIB has a market cap of $6,473,895,892, with 394,796.00B SHIB in circulation at a value of $0.00001639 each. Presumably that is after the coins that Buterin sent to a dead wallet. The market cap was $14 trillion last week so that seems correct, but are there soylentils that understand the financials of cryptocoins that can elaborate? - Fnord ]
Also at Coindesk, Gizmodo.com.au, and CryptoSlate.
Read more of this story at SoylentNews.