Per the latest transaction data of the Ethereum system, the co-founder of the digital token Vitalik Buterin has burned more than 90 percent of the Shiba Inu token sent to him by the developers of the meme token, which described itself as the “Dogekiller.” Plus, he revealed his plans to donate the remaining ten percent to another charity.
SHIB’s creators had previously sent almost fifty percent of the coins – almost six billion dollars’ worth – to Vitalik, which had caused quite a stir in the crypto market.
Reportedly, the Ether co-founder has donated as many as five trillion Shiba Inu tokens to the COVID-19 relief fund for the worst-hit India that was created by Sandeep Nailwal, a prominent name in the crypto market and co-founder of Polygon.
In a statement, the famous crypto expert praised the efforts of developers behind the dog tokens. He said,
I’ve actually been impressed by how the dog token communities have treated the recent donations! Plenty of dog people have shown their generosity and their willingness to [make] the world as a whole better. I support all who are earnestly doing that.
Besides that, Vitalik urged the developers of such tokens not to send him tokens without his consent. Instead, he told them to donate the token to a charity, albeit asking for their consent first as well.
The Rise of Meme Currencies and Growing Skepticism Around it
Several crypto experts have welcomed the decision and are praising him for handling the situation gracefully. The developers of the meme token also welcomed the decision and described it as a big step in history, even though it was just the beginning of the token.
On the other hand, since the beginning of this year, the rise of meme tokens like Shiba Inu and Dogecoin has been extraordinary, suggesting that such assets are likely to remain part of the crypto market forever.
The staggering 2,200 percent rise of the Shiba Inu token and the previous surge in the value of Dogecoin were both triggered by heavy community push. Yet, many experts are still skeptical about such coins and have described them as a risk, primarily because of no utility and highly volatile nature.