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IPFS News Link • Cyberspace and the New Economy

Ethereum's Vitalik Buterin Burns $6.6 Billion Worth of Shiba Inu Tokens

• https://news.bitcoin.com, by Jamie Redman

On Wednesday, the cofounder of Ethereum, Vitalik Buterin donated $1 billion worth of Shiba Inu to India's Crypto Covid Relief Fund. Then a few days later on Sunday, Buterin decided to burn 410.24 trillion Shiba Inu tokens worth over $6 billion using today's exchange rates.

Buterin Burns $6.6 Billion Worth of Shiba Inu Tokens
A new token called Shiba Inu (SHIB) has been a topical discussion within the digital currency community, aside from the recent focus on Tesla's Elon Musk. The coin first started making headlines because of dogecoin (DOGE), as the ERC20 token is considered the "dogecoin killer" and the coin has turned people into multi-millionaires almost overnight. Additionally, five days ago, the cofounder of Ethereum, Vitalik Buterin, decided to donate around $1 billion worth of SHIB to India's Crypto Covid Relief Fund.

Today, SHIB is exchanging hands for $0.00001617 per unit and is up close to 2% on Monday morning. At the time of writing, there is a massive circulating supply of over 497 trillion SHIB. The SHIB market has an overall valuation of around $8 billion with more than $3 billion in global trade volume. The Shiba Inu project has a sizable community, a "woofpaper," and the team's vision simply claims to be "Decentralized Meme Tokens that grew into a vibrant ecosystem."

After seeing massive gains in recent times and making headlines stemming from the recent Covid-19 relief effort donation, Vitalik Buterin brought SHIB into the spotlight again.


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