Almost three years ago, the cryptocurrency market witnessed a historic event when Ethereum co-founder Vitalik Buterin executed a mass burn of Shiba Inu (SHIB) tokens, permanently removing a staggering 410 trillion tokens from circulation. .
Almost three years ago, the cryptocurrency market witnessed a historic event when Ethereum co-founder Vitalik Buterin executed a mass burn of Shiba Inu (SHIB) tokens, permanently removing a staggering 410 trillion tokens from circulation. .
This bold move, valued at approximately $6.7 billion at the time, marked a pivotal moment for SHIB and the broader market.
On May 17, 2021, buterin decided to burn 90% of its SHIB holdings after being inadvertently gifted half of the total SHIB supply, sending them to a dead blockchain address. The reason was that he didn’t want to be a “place of power like that.”
This law effectively reduced the total supply of SHIB by almost half. The remaining 10% of their holdings went to a charity, in line with their values of supporting life-saving efforts with a long-term vision.
1,084 days later
Fast forward 1,084 days and the cryptocurrency landscape has changed substantially. The act of burning such a large amount of SHIB has had a lasting impact on the perception and value of the token. While there was a slight increase in prices immediately afterwards, the long-term effects have been more nuanced.
Since the cryptocurrency market is influenced by a wide variety of factors, such as technological advancements, price dynamics, and changes in investor sentiment, the current price of SHIB is the result of a complex interplay of these dynamics. .
Nonetheless, the Ethereum co-founder’s burning of SHIB remains a landmark event in cryptocurrency history. As previously reported, this mega burn now worth a whopping $10 billion could be the largest ever for crypto transactions, if burns are considered.
Meanwhile, the Shiba Inu community continues to move forward with SHIB burning. In March, the SHIB team burned billions of SHIB tokens along with BONE and LEASH. In the last 24 hours, a total of 4,725,055 SHIB tokens were burned in six transactions. At the time of writing, SHIB was up 0.46% in the last 24 hours to $0.00002473.
