- 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 product, has announced its plans to burn 410 million KNINE tokens, which has garnered widespread attention and appreciation within the cryptocurrency community.
- 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.
- 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 plans to burn 410 million KNINE tokens, following in the footsteps of Ethereum co-founder Vitalik Buterin’s historic SHIB token burn. The move is expected to significantly impact the KNINE token’s market dynamics.
Vitalik Buterin’s Shiba Inu Burn Inspires K9 Finance to Burn 410 Million KNINE
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.
Impact of Buterin’s SHIB Burn on the Cryptocurrency Market
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.
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.
Community Response to the Proposed KNINE 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.
Conclusion
The proposed KNINE token burn by K9 Finance is a significant development in the cryptocurrency market. It not only pays homage to Buterin’s historic SHIB burn but also sets a precedent for other crypto projects. The impact of this move on the KNINE token and the broader market remains to be seen.
