The community behind K9 Finance DAO passes a proposal to incinerate 410 million KNINE tokens.
The upcoming burn is K9 Finance’s way of honoring Ethereum co-founder Vitalik Buterin for reducing Shiba Inu’s circulating supply via the burning of 410 trillion SHIB tokens in May 2021.
In a recent X post, K9 disclosed that voting ended on May 18th, with most community members supporting the proposal to burn 410 million KNINE in honor of Buterin.
Proposal’s Voting Result
K9 took the snapshot for the votes at block height 19,862,183. While 81.66% of the total votes supported the proposal to burn 410 million KNINE tokens, the remaining 18.34% were against the initiative.
It bears mentioning that the community surpassed the quorum for the proposal, which required at least 5 billion KNINE. Interestingly, the community splashed 13 billion KNINE voting on the proposal to honor Buterin SHIB’s burn.
As revealed by K9, the 410 million KNINE tokens will be obtained from the marketing allocation of its treasury. Notably, the team behind K9 will send the 410 million KNINE tokens to a dead blockchain-based wallet on May 31st, thus permanently removing them from the circulating supply.
🔥DAO Vote Passed🔥
K9 DAO will burn 410,000,000 $KNINE on May 31st to honor @VitalikButerin's $SHIB burn in May 2021
13 billion KNINE tokens voted on the proposal with 81.66% of voters in "YES" favor of the burn🔥
See the results 👇https://t.co/Db2mVMSJ6n pic.twitter.com/DdjxjUIzNK
— K9 Finance DAO (@K9finance) May 18, 2024
Buterin’s Symbolic SHIB Burn
K9, which became a Shiba Inu partner in February, revealed plans to honor Buterin for making SHIB a crypto behemoth.
Recall that Buterin burned 410 trillion SHIB from the 500 trillion tokens (50% of SHIB’s total supply) he received as a gift from Shiba Inu’s pseudonymous supply on May 16th, 2021.
Furthermore, he allocated the remaining 90 trillion tokens for charitable causes. This symbolic gesture helped put Shiba Inu in the limelight as top crypto exchanges proceeded to list the tokens.
Consequently, Shiba Inu registered an all-time high of $0.00008845 five months after Buterin burned the tokens. At the current exchange rate of $0.00002399, Shiba Inu has fallen 72.87% from its previous all-time high.
Despite Shiba Inu’s massive plunge, several analysts still believe the crypto asset would surpass its previous ATH, potentially hitting $0.001 before the end of this bull cycle.
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