“Don’t Give Me Power in Your Project,” says Ethereum Co-founder on Burning SHIB Tokens
Vitalik Buterin, who simply doesn’t want to be the focus of that kind of power, is in support of those earnestly working on making the world better.
After tanking the prices of Dogecoin-inspired meme coins, Ethereum co-founder Vitalik Buterin has burned a ton of SHIB tokens.
The price of SHIB tokens fell about 58.5% the day Vitalik donated a big chunk of SHIB supply along with other dog-based coins to charity.
After falling in tandem with the broad crypto market over the weekend fueled by Bitcoin sell-off, SHIB is now trading at $0.00001632, but still down 56.4% from its all-time high of $0.00003791 about a week back. BTC -0.54% Bitcoin / USD BTCUSD $ 16,551.41
-$89.38-0.54% Volume 18.17 b Change -$89.38 Open $16,551.41 Circulating 19.22 m Market Cap 318.08 b 10 mon SEC Commissioner says NFTs Might Fall Within Their Jurisdiction, Gensler Hires Senate Aid for Crypto Policy 10 mon A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 10 mon Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum
Amidst all this, Vitalik burned about $6 billion worth of SHIB tokens. SHIB -1.34% Shiba Inu / USD SHIBUSD $ 0.00
$0.00-1.34% Volume 129.73 m Change $0.00 Open $0.00 Circulating 10 t Market Cap 5.05 b 11 mon ETHBTC Hits New 2021 High, Dogecoin and Ethereum Price Leading Google Trends in 2021 11 mon Terra Stablecoin Supply Surges by $5B In Under A Month, Bitcoin in Macro’s Clutches, SHIB Added to Balance Sheet 11 mon Twitter CEO & Bitcoiner Jack Dorsey is Out, Ethereum Is In
During this burn, Vitalik had a message embedded in the transaction for the creator of these tokens; he doesn’t want them to send half the supply to him without his consent. Vitalik’s message said,
“For anyone making coins (or DAO's, 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).”
While 90% of the remaining SHIB tokens in his wallet will be burned, Vitalik will be donating the 10% to charity with a more long-term orientation because while Covid-19 is a big problem now, “it's important to think about the longer term future too.”
Explaining the future course of action he will be taking with these tokens, Vitalik also shared the reason behind his initial move, which was “simply holding the remaining coins in the Oxab58 wallet forever was never an option.”
“For security reasons alone, they would have to be moved to a better wallet eventually, and any transaction I make would get interpreted as an action. So… may as well just do the useful thing immediately.”
Vitalik further stated that he “supports” the SHIB community and who are earnestly working on making the world better.
“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 not just focus on their own profits but also be interested in making the world as a whole better.”