Vitalik Buterin Has Burned His Remaining Shib Tokens

Ethereum founder, Vitalik Buterin, has redeployed his remaining share of his SHIB coins, sending 90% to a dead address, removing them from circulation, and preparing the remaining 10% to be given to charity.

By
John Tunney
on
May 18, 2021
Category:
Blockchain News

SHIB & Buterin 

In what seemed to be a huge marketing stunt or a gesture of good will,  Shiba Inu or SHIB coin founder Ryoshi sent Buterin half of SHIBs coin total supply into Buterin’s wallet. Whether to help legitimize SHIB or garner attention, Buterin cared little for the stunt, soon regifting and burning the tokens he received. The remaining half of SHIB coin is currently locked as liquidity on UniSwap. SHIB coin also announced 5 days ago that phase 1 is now complete, as Shiba becomes more decentralized. 

SHIB is currently priced at $0.00001501 a coin. 

Ethereum is currently priced at $3,288.46 a coin.


A Locus of Power

Buterin let the crypto world know his thoughts on the gift, in his transaction found under Input Data.

Buterin writes,

“for anyone making coins (or daos, or whatever else) in the future, PLEASE DO NOT GIVE ME COINS OR POWER IN YOUR PROJECT WITHOUT MY CONSENT! I don't *want* to be a locus of power of that kind. Better to just print the coins into the hands of a worthy charity directly (though do talk to them first).”

Buterin noted that he does not want future crypto projects sending him coins, as he does not want to be, as what he describes, a “locus of power.” He also mentions in the tweet “how bad Covid is becoming” and issues his support for coins that aim to make the world a better place. 


The Significance

Although it appears as though the Ethereum founder has rejected the SHIB coin, Buterin’s actions have had little impact on the coin's performance. In fact, according to CoinGecko, there was a slight upwards bump in price following Buterin’s message.

In the last 14 days, SHIB coin is up 905%. Even more interesting, SHIB currently has the 25th highest market cap, according to CoinGecko. Even though Buterin rejected the coin, it seems all publicity is good publicity. This could also result in a bullish catalyst as holders no longer need to worry about further selling pressure from from Vitalik.


The SHIB Token

The SHIB coin is an experiment in decentralized spontaneous community building. Nicknamed the DOGECOIN KILLER and popular worldwide, the Shiba token is already up thousands of percent. The founders have locked the 50% of the total supply to Uniswap with the remaining ~50% being burned by Vitalik Buterin. This was done so everyone has to buy on the open market, ensuring a fair and complete distribution where devs don't own team tokens they can dump on the community.

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John Tunney

John Tunney is an accomplished analyst and crypto enthusiast. The UCLA alum has been actively reporting and blogging for 3 years, and has a passion for all things finance.

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