Not DOGE: Vitalik Buterin Praises This Meme Coin!

Vitalik Buterin, co-founder of Ethereum, spoke highly of the Shiba Inu (SHIB) community. He praised the meme coin through a scholarship sponsored by Shiba.

Vitalik Buterin thanks the Shiba Inu community for supporting the scholarships

The co-founder of Ethereum commended the Shiba team and community for their support of the AI ​​Existential Safety Fellowship. Buterin expressed his thanks in response to a tweet from Max Tegmark:

Many thanks to the community of Shiba Inu, the cryptocurrency that made these scholarships possible.

AI Existential Safety is a scholarship initiated by Buterin to provide the necessary funds to assist the PhD. The funds raised are allocated to the five-year education of doctoral students. The program provides scholarships of up to $40,000, especially to students who plan to work on AI Existential Safety research at various universities in countries such as the USA, UK and Canada. Members of the Shiba community welcomed Buterin’s comments.

Meanwhile, Shiba Inu’s profitability is on the rise, according to data from IntoTheBlock. On-chain data shows that 68% of SHIB addresses are in loss, with 29% of remaining addresses in profit. However, 3% is currently at par.

Ethereum founder burned $6 billion worth of SHIB last year

Last year, Vitalik Buterin burned 90% of the SHIB sent to him as a gift, or $6.7 billion. Over 410 trillion SHIB treasures sent by Buterin to a dead wallet. Thus, a large portion of Shiba’s total supply was permanently removed from circulation.

As you follow on Kriptokoin.com, the Shiba Inu team gifted Buterin half of SHIB’s total supply on this date. Buterin’s statement after this decision:

I decided to burn 90% of the SHIBs left in my wallet. The remaining 10% have similar values ​​to crypto relief (preventing large-scale loss of life). But it will be sent to a charity with a longer-term orientation (not yet decided).

Vitalik later donated 50 trillion SHIB to an India COVID-19 relief fund set up by Polygon founder Sandeep Nailwal. This was around $1.2 billion in dollar terms. SHIB price then saw a price increase of about 900% in two weeks. It hit an all-time high of $0.00003791 on May 10. In addition, it entered the list of Binance and Huobi, the world’s largest stock exchanges at this time.

However, the remaining half of SHIB’s supply is locked in Uniswap for liquidity. Buterin also said in his note that he would prefer cryptocurrency producers to give them to charities rather than to himself. He said the following about why he burned such a large amount of money.

I don’t want to be the focus of that kind of power.