When Ethereum co-founder Vitalik Buterin carried out a major burn of Shiba Inu (SHIB) tokens almost three years ago, the cryptocurrency world saw a historic event that permanently removed a stunning 410 trillion tokens from circulation.
This audacious move, which was valued at the time at about $6.7 billion, signalled a turning point for both SHIB and the industry as a whole.
After receiving an unwanted gift of half of SHIB’s entire supply, Buterin chose to destroy 90% of his holdings on May 17, 2021, transferring them to an invalid blockchain address. He gave the explanation that he want to avoid becoming a “locus of power of that kind.”
By this action, the whole SHIB supply was essentially cut in half. Ten percent of his assets were set aside for charity, in keeping with his ideals of long-term commitment to life-saving initiatives.
1,084 days after
After 1,084 days, there have been significant changes to the bitcoin landscape. The impression and value of SHIB have been permanently impacted by the act of burning such a large quantity of the token. Although there was a little price surge in the immediate aftermath, the long-term repercussions were more complex.
The present price of SHIB is the consequence of a complex interaction of these dynamics, since the crypto market is impacted by a wide range of variables, including changes in investor mood, price dynamics, and technical improvements.
Even yet, the co-founder of Ethereum’s SHIB burn is still remembered as a significant moment in the development of cryptocurrencies. As previously reported, if burns are taken into account, this massive burn, which is now valued at an astounding $10 billion, may be the largest cryptocurrency transaction ever.
The Shiba Inu community is still working to promote SHIB burns in the interim. Along with BONE and LEASH, the SHIB team burnt billions of SHIB tokens in March. Six transactions during the past day have burnt a total of 4,725,055 SHIB tokens. As of this writing, SHIB was up $0.00002473, or 0.46%, over the previous day.
