Last Updated: 20 May 2021
Shiba Inu is a new ERC20 token project which is making huge gains in the cryptocurrency industry after the hype created by dogecoin. Vitalik Buterin, the co-founder of Ethereum, donated $1 billion dollars in Shiba Inu to the India Covid-relief fund on Wednesday. After a few days of this donation, on Sunday, Mr Buterin decided to burn 410.24 trillion Shiba Inu, worth 6.6 Billion dollars according to the exchange rate.
How did It happen?
Shiba Inu is in the news recently within the cryptocurrency environment. Shiba Inu is in the spotlight because people started referring to it as dogecoin killer after investment in this token made people multi-millionaires overnight. Moreover, the co-founder of Ethereum donated $1 billion worth of Shiba Inu to the India Covid-relief fund.
The worth of Shiba Inu on Monday was $0.00001617. As of now, Shiba Inu is being supplied with over 497 trillion units. The overall valuation of Shiba Inu is $8 billion, and the global trade volume is $3 billion. Now there is a sizable community of Shiba Inu tokens, with a team having the vision to make the currency vibrant in the ecosystem. With this donation to India Covid-Relief, Vitalik Buterin brought Shiba Inu into the spotlight again.
The burning of 410,24 trillion Shiba Inu tokens by the co-founder Vitalik Buterin sent a message in the transaction hash. According to Buterin, he burned 90% of his Shiba Inu holdings and donated the remaining 10% to Covid-relief, which he said would be useful to save human lives. He also shared his views on the Dogecoin community. He said that he appreciates the fact that dogecoin communities are supporting the donation process. The community showed a lot of heart while donating in several charities to support lives. This shows that these people are focused on making the world a better place rather than just generating profits.
The CEO of Ethereum also donated rather than filling his wallet as he said he doesn’t want to be “a locus of power”.
It is estimated that the token he burned was estimated to be around $6.6 billion.
History of Shiba Inu Investment
With the rise of Shiba Inu tokens, people started referring to it as dogecoin killer. The reason for it was its rising popularity. It made investors millionaires overnight. One of the famous stories associated with Shiba Inu investment is the story of two brothers who invested in this currency around two months ago. From going almost entirely broke to becoming millionaires, this story is incredible as the brothers, along with their family, invested around $7900 in the cryptocurrency and later became the owner of approximately $9 million.
The token was again in the headlines as the CEO of Ethereum donated around $1 billion to India Covid-relief and a few days later burned 90% of his holdings worth around $6.6 billion.