What Did ETH Founder Vitalik Buterin Do With 505 Trillion SHIB Tokens?

Shiba Inu was launched on August 1, 2020, on the Ethereum blockchain and founder Ryoshi donated 505 trillion tokens as a gift to ETH founder Vitalik Buterin. Ryoshi sent 50% of the supply to Buterin allowing the rest 549 trillion tokens to be traded by investors. Buterin received a huge chunk of the tokens and it remained in his wallet without any interference for close to a year.

However, Vitalik Buterin moved the Shiba Inu tokens in May 2021 during the second wave of the COVID-19 pandemic. He almost emptied his wallet for humanitarian relief sending funds to various organizations fighting the global epidemic. The move also put SHIB on the map as it made global headlines over the amount of funds received as aid.

Also Read: When Is the Best Day to Buy Shiba Inu (SHIB)? We Break It Down

Here’s What Vitalik Buterin Did With 505 Trillion Shiba Inu Tokens

Vitalik Buterin Shiba Inu
Source: CryptoRank

In May 2021, Vitalik Buterin donated 50 trillion Shiba Inu tokens to a COVID-19 relief fund operating in India. The price of 50 trillion SHIB tokens was worth close to $1.2 billion at that point in time. In addition, he burned 410.24 trillion SHIB tokens worth $6.7 billion by sending them to the dead wallet. It can never be retrieved and is officially burned and removed from circulation.

Also Read: Shiba Inu Burn Rate Falls to 0% as Whale Holdings Jump 600%

After donating 50 trillion Shiba Inu tokens to India’s Covid-19 relief fund and burning 410.24 tokens, Vitalik Buterin currently holds 45 trillion SHIB tokens. He confirmed that he has no plans to sell them and did not reveal what he intends to do. Most likely, he would either donate it to other humanitarian causes or eventually burn it in the future.

The 45 trillion Shiba Inu tokens owned by Vitalik Buterin are now worth $543.6 million. Its value has dipped drastically as its price is now hovering around the $0.00001 mark. It is on the verge of adding an extra zero and could soon trade with five zeroes in the charts.

  • ethereum
  • shib
  • shiba inu
  • Vitalik Buterin

Comments

Post a Comment

Popular posts from this blog

Grayscale’s Bitcoin ETF triumphs over SEC, fueling crypto market rally

Image
Grayscale secured a pivotal victory against the SEC, paving the way for the U.S.’s first Bitcoin spot ETF and igniting a surge in Bitcoin and other cryptocurrency prices. In a milestone development, Grayscale Investments LLC secured judicial backing for the initiation of a Bitcoin spot exchange-traded fund (ETF) in the United States. A panel of three federal judges in Washington effectively annulled the U.S. Securities and Exchange Commission’s prior decision to prevent the ETF from going forward. This decision has acted as a catalyst, triggering Bitcoin’s price to ascend significantly in its immediate aftermath. JUST IN The D.C. Circuit ruled in favor of @Grayscale in our lawsuit challenging the SEC's decision to deny $GBTC's conversion to an ETF! Thank you to everyone who has been on this journey with us, especially our investors. We are grateful for your support and… — Sonnenshein (@Sonnenshein) August 29, 2023 The U.S. Court of Appeals for the ...
Read more

Shiba Inu: AI Predicts SHIB Price For August 1, 2024

Image
Shiba Inu has long been one of the most promising crypto tokens to have ruled the crypto space. The token’s majestic 2021 price rally kept the investors reeling while helping them amass heaps of profits. That being said, the token is consistently working its way to reach the top while encountering market skirmishes in its wake. How high can SHIB truly appreciate until August 1? Let’s find out. Also Read: Shiba Inu: 2 Reasons Why SHIB Breakthrough To $0.001 Is Inevitable? Shiba Inu: Shibarium and Burn Metrics Source: Watcher Guru Shiba Inu’s price is determined by several internal and external forces. While Shibarium and Shib burn mechanisms contribute heavily to maintaining its price standard, external market traction also plays a huge role in stabilizing SHIB’s value. With new developments hovering, the Shiba Inu team has recently updated its document. The updated version now includes elements of community participation and interaction, which can again help SHIB find its lost val...
Read more

FBI Renews Warning About Pig Butchering Crypto Scam Sweeping the Country

The Federal Bureau of Investigation (FBI) has reiterated its warning about a very popular crypto investment scam called “pig butchering” that is sweeping across the U.S. “Be very careful when you go on social media and dating apps and somebody starts developing a relationship with you,” cautioned an FBI specialist. FBI Warns About Pig Butchering Crypto Scam The Federal Bureau of Investigation (FBI) has renewed its warning about the “pig butchering” cryptocurrency investment scam. Frank Fisher, public affairs specialist at the FBI’s Albuquerque division, warned that the pig butchering crypto scam “is sweeping the country,” CNN reported Monday, quoting him as saying: Be very careful when you go on social media and dating apps and somebody starts developing a relationship with you, and wants you to start investing … Don’t get butchered. In pig butchering schemes, scammers “fatten up the pig by getting the victim to think...
Read more