Following the ethereum co-founder Vitalik Buterin’s move of destroying 410 trillion SHIB, the Shiba Inu (SHIB) community goes by the subreddit ShibArmy destroyed another 880 million SHIB coins worth and the trend goes on.
Earlier today morning Ethereum co-founder and crypto billionaire Vitalik Buterin has destroyed 40% of the total supply of Shiba Inu (SHIB) coins worth USD $7 billion. He also posted a note stating the reason for doing so and have urged the new crypto projects not to send him any tokens without his consent.
After Vitalik’s burn, the subreddit community of Shiba Inu, SHIBArmy, went on to burn their token in the small fractions and the trend started. At the time of press, the community has in total burned 880 million tokens worth upwards of $10K USD and it is still going on.
This shows a strong community presence around the DOGE-inspired meme coin that has become a center of attraction in the crypto world now. However, it is still unclear what is the true value of the SHIB token and what the future holds for it but it is definitely going to be a well-known token in the crypto world from now onwards.
SHIB creators have released more coins like LEASH, BONE, TREAT with different utility and limited supply as compared to the original SHIB. And it becomes the seed for their upcoming SHIBASWAP, a decentralized ecosystem with its own DEX (decentralized exchange).
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Crypto market is unregulated and very volatile especially the new tokens. It is always advised that you do your own research and due diligence properly before making any crypto investment.