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The community behind K9 Finance DAO passes a proposal to incinerate 410 million KNINE tokens.

The upcoming burn is K9 Finances way of honoring Ethereum co-founder Vitalik Buterin for reducing Shiba Inus 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.

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 SHIBs 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.

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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 SHIBs total supply) he received as a gift from Shiba Inus 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 Inus 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.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Shiba Inu: K9 Confirms to Burn 410M KNINE to Honor Vitalik Buterin's 2021 Shib Burn - The Crypto Basic