u.today
Nearly three years ago, the crypto market witnessed a historic event as Ethereum co-founder Vitalik Buterin executed a massive burn of Shiba Inu ($SHIB) tokens, permanently removing a staggering 410 trillion tokens from circulation.
This bold move, worth 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 his $SHIB holdings after being unwillingly gifted half of $SHIB’s total supply, sending them to a dead blockchain address. The reason was that he did not want to be a "locus of power of that kind."
This act effectively reduced the total supply of $SHIB by almost half. The remaining 10% of his holdings were earmarked for a charity, aligning with his values of supporting life-saving efforts with a long-term vision.
1,084 days after
Fast forward 1,084 days, and the cryptocurrency scene has changed substantially. The act of burning such a vast amount of $SHIB has had a lasting impact on the token's perception and value. While the immediate aftermath saw a mild price spike, the long-term effects have been more nuanced.
As the crypto market is influenced by a myriad of factors, such as technological advancements, price dynamics and shifts in investor sentiment, the current price of $SHIB is the result of a complex interplay of these dynamics.
Nonetheless, the $SHIB burn by the Ethereum co-founder remains a landmark event in cryptocurrency history. As previously reported, this mega burn now worth a whopping $10 billion might be the biggest of all time for crypto transactions, if burns are considered.
Meanwhile, the Shiba Inu community continues to advance $SHIB burns. The $SHIB team in March burned billions of $SHIB tokens alongside 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.