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The Shiba Inu ecosystem team has recalled the historic move of Ethereum founder Vitalik Buterin, who burned over 410 trillion SHIB tokens.
A recent post on X by the official Shiba Inu ecosystem account commemorated the third anniversary of Ethereum founder Vitalik Buterin’s monumental SHIB burn, reviving the memory of this significant event.
Significantly, this remembrance comes amid Shiba Inu’s partner, K9 Finance, seeking to honor Buterin’s gesture by similarly destroying 410 million units of its own native token, KNINE.
3 years ago, Ryoshi burned $SHIB to @VitalikButerin a move that etched the #Shibarmy in history! Now, our partners @K9finance pay homage with a 410M $KNINE burn on May 31st! The legacy of burns continues! 🔥 https://t.co/TY4yt1R2Oq
— Shib (@Shibtoken) May 29, 2024
Vitalik Buterin 410 Trillion Shiba Inu Burn
During Shiba Inu’s mid-2020 debut, its creator, Royshi, shared 505 trillion SHIB tokens, roughly half of the total supply, to Ethereum’s Vitalik Buterin. About a year later, Buterin began offloading the tokens he received.
Among his significant transactions was the charitable contribution of over 50 trillion SHIB tokens to a COVID-19 relief fund in India. In monetary terms, the donation was worth over $1 billion.
A few days later, precisely on May 16, 2021, Buterin transferred 410,241,996,771,871 (over 410 trillion) SHIB tokens to a dead address, effectively removing them from the supply. To put it in perspective, Buterin burnt Shiba Inu tokens valued at over $6 billion in one transaction.
In the accompanying transaction note, the Ethereum founder expressed a lack of desire to wield concentrated power over a project. According to him, it would be preferable for the tokens to be directly issued to a deserving charity rather than being gifted to him.
To this day, the staggering 410 trillion SHIB tokens burned by Buterin represent the bulk of the SHIB tokens that have been destroyed.
Moreover, this act contributed to Shiba Inu’s reaching a record high value five months later, as it introduced a scarcity to SHIB’s circulation. Given the significance of this event, the Shiba Inu community continues to commemorate it.
Shiba Inu Partner Burning 410 Million Tokens
To pay homage to Buterin’s 410 trillion SHIB burn, K9 Finance has disclosed plans to incinerate 410 million KNINE tokens on Friday, May 31. The forthcoming transaction will mark the first official burn by K9 Finance DAO.
Through this gesture, the K9 Finance team aims to celebrate Vitalik Buterin’s transformative impact on SHIB, signaling their turn to make a similar move. Additionally, the Shiba Inu partner intends to decrease the fully diluted supply of KNINE, thereby establishing it as a deflationary token and enhancing the value for its holders.