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

Go to Source
Author: Godspower Owie

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