Ethereum co-founder received billions of dollars in Shiba Inu tokens. But he decided to dedicate them to a good cause.
Ethereum co-founder Vitalik Buterin today thanked the Shiba Inu community for helping to make his PhD scholarship program possible.
Last year, Shiba Inu developers presented Vitalik Buterin with a large amount of SHIB tokens. In fact, they sent 50% of the total supply to the address to remove it from circulation.
But Vitalik Buterin decided to burn 90% of the tokens in his wallet. He then chose to donate the remaining 10% to charity, including 50 trillion SHIB, or about $1.2 billion at the time, to the India Covid Crypto Relief Fund.
Big thanks to the Shiba Inu community, whose cryptocurrency made these fellowships possible!
— vitalik.eth (@VitalikButerin) July 20, 2022
And he used some of the money to fund a doctoral research program on the secure development and deployment of AI. “Many thanks to the Shiba Inu community, whose cryptocurrency made these scholarships possible“, Buterin wrote on Twitter Wednesday in response to a tweet naming the scholarship winners.
The Vitalik Buterin Postdoctoral Fellowship in Existential Security of AI is “designed to support promising researchers for postdoctoral appointments beginning in the fall semester 2022 to work on research in the existential security of AIsays the program’s website, adding that funding is for three years, subject to annual renewals based on satisfactory progress reports.
SHIB is the 12th largest cryptocurrency in the world with a market capitalization of $7.5 billion. The ERC-20 token is a competitor to Dogecoin and is based on a famous internet dog meme.
Just like DOGE, this token is highly speculative and has little to no use, but some people have made huge profits by investing in this token. Its price has skyrocketed since its launch in August 2020.
At one point, the crypto Buterin decided to destroy had a market value of $32.5 billion. If he had chosen to cash it in, it would have made him not only the richest man in crypto but also one of the richest men in the world.
“I don’t want to be a place of power like this“, he said at the time.
Right now, coingecko data shows that SHIB is trading at $0.0000129 per token – a 6% 24-hour increase. But the token is also down 85.92% from its all-time high of $0.00008845 reached in October 2021.