The K9 Finance DAO community recently approved a proposal to burn 410 million KNINE tokens. This move honors Ethereum co-founder Vitalik Buterin, who significantly reduced Shiba Inu’s circulating supply by burning 410 trillion SHIB tokens in May 2021.
In a recent announcement on X, K9 revealed that the proposal passed with strong community support. Voting concluded on May 18th, and 81.66% of the participants voted in favor of the token burn, while 18.34% opposed it. Notably, the proposal surpassed the required quorum of 5 billion KNINE, with a total of 13 billion KNINE votes cast.
Token Burn Details
K9 Finance plans to execute the burn by drawing 410 million KNINE tokens from its marketing treasury. The team will send these tokens to a dead blockchain wallet on May 31st, permanently removing them from circulation.
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K9, a Shiba Inu partner since February, aims to honor Buterin for his role in boosting Shiba Inu’s prominence. In May 2021, Buterin burned 410 trillion SHIB out of the 500 trillion tokens gifted to him by Shiba Inu’s anonymous creator. Additionally, he allocated the remaining 90 trillion SHIB to charitable causes. This act significantly increased Shiba Inu’s visibility, leading to its listing on major crypto exchanges.
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Impact On Shiba Inu
Following Buterin’s symbolic burn, Shiba Inu reached an all-time high of $0.00008845 in October 2021. However, it has since declined by 72.87% to its current price of $0.00002399. Despite this downturn, several analysts predict that Shiba Inu could surpass its previous peak, potentially reaching $0.001 by the end of this bull cycle.
K9 Finance’s decision to burn 410 million KNINE tokens pays homage to Vitalik Buterin’s impactful SHIB burn. This initiative reflects the community’s appreciation for his contribution to Shiba Inu’s rise and aims to further reduce the circulating supply of KNINE tokens.
