Ether founder ‘V-God’ destroys 90% of remaining SHIB in wallet, market reacts positively

Vitalik Buterin said that he decided to destroy the remaining SHIBs in his address because he did not want to become the “center of power” in the project.

Ether founder 'V-God' destroys 90% of remaining SHIB in wallet, market reacts positively

Ether co-founder Vitalik Buterin (V-God) has destroyed the remaining 90% of Shiba Inu (SHIB) held at his address, leaving 10% to be distributed to an as-yet-unidentified charity. Just a few days ago, Vitalik Buterin donated more than $1 billion in SHIB to India’s “Covid-Crypto” relief fund.

Vitalik Buterin said that he decided to destroy the remaining SHIB in the address because he did not want to be the “center of power” in the project.

The SHIB founder sent 50% of the supply to Vitalik Buterin’s address, which the token’s designer describes as an experiment in decentralized, spontaneous community building. The founder, known as the “dogcoin killer,” believes its high circulation (394.8 trillion tokens) could “outperform” dogcoin.

SHIB shares jumped 146% last week. SHIB hit an all-time high of $0.00003791. However, SHIB has fared poorly in the broader “Musk effect” of the Great Recession in the cryptocurrency market. Its price is down 68% from its all-time high a week ago.

Shiba Inu’s project partners elaborated on why they chose Ether as the host network. The anonymous founder, known as “Ryoshi,” talked about Ether as a secure and well-established network that would allow his project to grow.

The founder of Shiba Inu sent 50% of the total SHIB supply to the Vitalik Buterin address to build trust in the project, a “crisp point” that Ryoshi says demonstrates its “power”. “We gave 50% of the total supply to Vitalik. There is no greatness without weakness, and as long as ‘Vitalik’ doesn’t slow us down, SHIB will grow and survive.”

Now, Vitalik Buterin sent 410,241,996,771,871 SHIB to a dead wallet address, making it unusable and therefore no longer in circulation.

The price of SHIB rose by 55% to a peak of $0.00001960 before falling back again. In stark contrast, the market reacted to the sell-off when Vitalik Buterin donated $1 billion worth of covid relief to India last week.

Explaining his actions, Vitalik Buterin said that keeping SHIB in their current wallets was never an option for security reasons. Moving them to a safer wallet, and any other future action, could be misinterpreted. That said, he said, “It’s better to do what works right away.”

He concluded by saying that no one should send him similar tokens in the future. He also added that he does not want to be an authority on any project without being asked to do so.

He concluded, “But to anyone who makes tokens (or dogcoins, or anything else) in the future, please don’t give me tokens or authority in your project without my consent! I don’t want to be that ‘power center’.” Meanwhile, the SHIB community reacted positively to the destruction of the tokens.

Posted by:CoinYuppie,Reprinted with attribution to:
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