Shiba Inu (CCC:SHIB-USD) investors just got some good news in the form of a SHIB coin burn by Ethereum (CCC:ETH-USD) co-founder Vitalik Buterin.
Here’s everything investors in the doge-base cryptocurrency need to know about the SHIB coin burn.
- Buterin was gifted a large sum of Shiba Inu coin by the creators.
- The goal was to legitimize and protect the cryptocurrency by adding it to Buterin’s public wallet.
- However, the ETH co-creator wasn’t up for that idea.
- He donated a large amount of the crypto last week.
- The most recent news is that he sent 410 trillion SHIB coins to a dead wallet address.
- This has the cryptocurrency no longer being available for circulation.
- This SHIB coin burn was worth close to $7 billion and represents 90% of what Buterin had in his wallet.
- It’s also worth pointing out that this also represents about 40% of the total SHIB coin in circulation.
- News of the SHIB coin burn sent the price of the crypto soaring before it quickly fell back down to normal levels.
- As for the remaining 10% still held by Buterin, he has plans to donate it to charity.
- Buterin also publicly warned crypto creators against sending their tokens to his public wall address again.
- Some believe that the SHIB coin burn will result in the price of the crypto soaring higher over time.
- However, others have a more negative look.
- They believe that this move will result in a much smaller growth than what Shiba Inu holders are likely holding out for.
- Either way, there’s no denying that SHIB coin became much more scarce after Buterin’s move today.
SHIB was up 1.1% as of Monday morning.
Crypto investors that are looking for more of the latest news can keep on reading.
InvestorPlace is covering crypto extensively with daily articles on the matter. That includes recent crypto crash news, a breakdown of the crypto bubble, as well as price predictions for Cardano (CCC:ADA-USD). You can read this news for yourself at the links below.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.