Vitalik Buterin’s Historic Move (May 2021)
The COVID-19 donation: In May 2021, India was going through a devastating COVID-19 crisis. Vitalik Buterin unexpectedly received millions of dollars’ worth of SHIB tokens and decided to act: he donated $1 billion in SHIB (around 50 trillion tokens) to the India crypto relief fund led by Sandeep Nailwal.
The token “burn”: To prevent the market from crashing suddenly and protect the community, Buterin took an even more drastic step: he destroyed (“burned”) 90% of the remaining tokens he held by sending them to an inaccessible address, permanently removing 40% of Shiba Inu’s total supply from the market. This dramatically boosted confidence in the project and reduced the token’s perceived inflation.
The COVID-19 donation: In May 2021, India was going through a devastating COVID-19 crisis. Vitalik Buterin unexpectedly received millions of dollars’ worth of SHIB tokens and decided to act: he donated $1 billion in SHIB (around 50 trillion tokens) to the India crypto relief fund led by Sandeep Nailwal.
The token “burn”: To prevent the market from crashing suddenly and protect the community, Buterin took an even more drastic step: he destroyed (“burned”) 90% of the remaining tokens he held by sending them to an inaccessible address, permanently removing 40% of Shiba Inu’s total supply from the market. This dramatically boosted confidence in the project and reduced the token’s perceived inflation.