In a significant move commemorating the historic burning of the SHIB token by Ethereum co-founder Vitalik Buterin, partner of Shiba Inu K9 Finance, the project’s official liquid product has been made available announced plans to burn 410 million KNINE tokens, which has generated widespread interest and recognition in the cryptocurrency community.
Vitalik Buterin’s Shiba Inu Burn Inspires K9 Finance to Burn 410 Million KNINE
About 3 years ago, especially on May 17, 2021, Ethereum founder Vitalik Buterin performed a massive burning of 410 trillion Shiba Inu tokens from the project’s general circulation, which caused a shockwave in the cryptocurrency space.
At the beginning of the project, Buterin was offered half of the total supply of SHIB, and the Ethereum co-founder decided to burn over 90% of his shares. Meanwhile, the remaining percentage of his SHIB stake was earmarked for charitable purposes, particularly the India Crypto Relief Fund (COVID-19), in line with his ideals of long-term savings initiatives.
At the time, this audacious action was a turning point for both SHIB and the overall market, with losses estimated at approximately $6.7 billion. The burn is believed to have contributed significantly to Shiba Inu’s rise in prominence as many investors flocked to the token, pushing it to an all-time high of $0.00008845 in October 2021.
According to Buterin, made the decision to burn said SHIBA because he didn’t want to be that kind of central authority. Additionally, he was unsure about the tokens as he believed that Shiba Inu’s performance would likely be 100x in the near future.
Echoing this bill, the K9 Finance DAO has submitted a proposal to burn 410 million KNINE tokens worth $12,127 out of a total supply of $1 trillion. However, out of a total supply of 1 trillion, there are currently approximately 115.53 billion KNINE in circulation.
Finance K9 believes Buterin’s burn was a major driving force behind SHIB’s growth and transition into a massive project in the cryptocurrency landscape, and the platform plans to do the same for KNINE.
Generation 410 million KNINE
K9 Finance noted that 410 KNINE will be generated from the state treasury’s marketing allocation and will have no long-term operational impact. Meanwhile, members must vote on whether to approve the burning.
Currently, a majority of K9 Finance community members, specifically approximately 81%, have voted in favor of burning to honor Buterin’s memory SIS burn, while approximately 18% voted against the proposal. The proposal, which was created on Monday, May 13, is scheduled to end on Saturday, May 18.
Notably, in February K9 Finance partnered with Shiba Inu to facilitate seamless BONE staking in the Shibarium project’s Layer 2 solution. Since the partnership, K9 Finance has demonstrated efforts to contribute to Shiba Inu safety.
Featured image from Shutterstock, chart from Tradingview.com
