Vitalik released a video explaining his motives behind the move to burn 90% of the remaining SHIB in his possession. He said that he believes that holding on to such large amounts of cryptocurrency is unhealthy and irresponsible. Vitalik has historically been a vocal opponent against cryptocurrency greed, calling out specific instances when people have posted about or bragged about ridiculous profits they had made while being extremely early investors and/or supporters of cryptocurrencies.
Ethereum co-founder Vitalik Buterin has burnt $7 million worth of SHIB
Buterin sent 410,241,996,771,871 coins to a dead adress which means they are gonna be stuck there forever. The amount he burned is about 41% of the total SHIB in circulation.
After he destroyed the coins, he left a note for the SHIB community:
Vitalik considered the circulating supply of SHIB has effectively been halved overnight, each coin is technically rarer and therefore more valuable. However, Vitalik had over 7 million in SHIB to take care of. For these reasons he burned 90% of his remaining SHIB to increase their scarcity and value.
Even though the value of meme coins like Dogecoin and Shiba Inu might continue to rise, they still have no actual value aside from what people believe they are worth.
If you’re thinking of investing in memes, don’t do it. It sounds like a great idea, but Investing in Memes is an exercise in futility and despair that will never lead to profitability. Every time you think things are going well, something happens. Investing In Memes is all about hope and gambling–there’s nothing didactic about it. Cryptocurrency investments–especially with meme coins–are incredibly risky and should be taken with utmost caution to the point of not actually doing it at all if possible.