Shiba Inu: K9 Finance Decides to Burn 410 Million KNINE Tokens to Commemorate Vitalik Buterin’s 2021 Shib Burn
The K9 Finance DAO community has unanimously approved a proposal to burn 410 million KNINE tokens. This upcoming burn is seen as a gesture of appreciation towards Vitalik Buterin, the co-founder of Ethereum, who reduced Shiba Inu’s circulating supply by burning 410 trillion SHIB tokens in May 2021.
In a recent announcement, K9 Finance revealed that the voting for the proposal concluded on May 18th, with an overwhelming majority of community members supporting the initiative to burn 410 million KNINE in honor of Buterin. At block height 19,862,183, it was determined that 81.66% of the votes were in favor of the burn, while the remaining 18.34% opposed it.
It is worth noting that the community surpassed the necessary quorum, requiring a minimum of 5 billion KNINE for the proposal. Interestingly, the community even exceeded this requirement by voting with 13 billion KNINE in support of the initiative to honor Buterin’s SHIB burn.
To carry out the burn, K9 Finance will utilize the marketing allocation from its treasury. On May 31st, the team will transfer the 410 million KNINE tokens to a dead blockchain-based wallet, effectively eliminating them from the circulating supply permanently.
K9 Finance, which became a partner of Shiba Inu in February, aims to pay tribute to Buterin for his contribution in propelling SHIB to its current status as a significant cryptocurrency. Buterin’s symbolic burn involved destroying 410 trillion SHIB tokens out of the 500 trillion tokens he received as a gift from Shiba Inu’s anonymous creator on May 16th, 2021. The remaining 90 trillion tokens were allocated for charitable purposes. This act drew attention to Shiba Inu, leading to its listing on major crypto exchanges.
Following the burn, Shiba Inu reached an all-time high of $0.00008845 five months later. However, the current exchange rate stands at $0.00002399, indicating a decline of 72.87% from its peak value. Despite this significant drop, analysts remain optimistic, speculating that Shiba Inu could surpass its previous all-time high and potentially reach $0.001 before the current bull market cycle ends.