In a significant move to commemorate Ethereum co-founder Vitalik Buterin’s historic SHIB token burn, Shiba Inu partner K9 Finance, the project’s official liquid staking productm has announced its plans to burn 410 million KNINE tokens, which has garnered widespread attention and appreciation within the cryptocurrency community.
Vitalik Buterin’s Shiba Inu Burn Inspires K9 Finance to Burn 410 Million KNINE
About 3 years ago, particularly on May 17, 2021, the founder of Ethereum, Vitalik Buterin, carried out a massive burn of 410 trillion Shiba Inu tokens from the project’s overall circulation, which sent shockwaves around the cryptocurrency space.
During the early days of the project, Buterin was offered half of SHIB’s overall supply, and the Ethereum co-founder decided to incinerate over 90% of his holdings. Meanwhile, the outstanding percent of his SHIB holdings were set aside for charity, particularly the India Crypto Relief Fund (COVID-19), in keeping with his ideals of long-term saving initiatives.
At the time, this audacious action was a turning point for both SHIB and the market as a whole, and the burn was valued at about $6.7 billion. It is believed that the burn contributed significantly to Shiba Inu’s rise to prominence since many investors hoarded the token, which caused it to soar to an all-time high of $0.00008845 in October 2021.
According to Buterin, he made the move to burn the aforementioned SHIB because he did not want to be that kind of center power. In addition, he was not confident in the tokens as he believed Shiba Inu would have underperformed by possibly 100x in the near future.
Reiterating the act, K9 Finance DAO has made a proposal to burn 410 million KNINE tokens valued at $12,127 from its total supply of 1 trillion. However, out of the 1 trillion overall supply, about 115.53 billion KNINE are currently in circulation.
K9 Finance believes Buterin’s burn was a major driving force behind SHIB’s growth and transition into an enormous project within the cryptocurrency landscape, and the platform plans to do the same for KNINE.
Generation Of The 410 Million KNINE
K9 Finance has noted that the 410 KNINE will be generated from the treasury’s marketing allocation, and it will not affect operations in the long term. Meanwhile, members must cast their votes on whether or not to approve the burn.
Presently, most of the K9 Finance community members, specifically about 81%, have voted in support of the incineration to honor Buterin’s SHIB burn, while about 18% have voted against the proposal. The proposal, which was created on Monday, May 13, is expected to end on Saturday, May 18.
It is noteworthy that K9 Finance partnered with Shiba Inu in February, with the aim of facilitating seamless BONE staking on the project’s layer 2 solution Shibarium. Since the partnership, K9 Finance has displayed efforts to contribute to Shiba Inu’s security.
Featured image from Shutterstock, chart from Tradingview.com
