According to U.Today, the Shiba Inu (SHIB) community is marking the third anniversary of a significant event in the cryptocurrency's history. Ethereum co-founder Vitalik Buterin burned 410 trillion SHIB tokens in May 2021, a move that drastically reduced the total supply of the cryptocurrency from its initial one quadrillion. The tokens, worth approximately $6.7 billion at the time, were part of a donation made to Buterin by the Shiba Inu project, which had given him half of the total SHIB supply.
Instead of retaining or selling the tokens, Buterin opted to permanently remove them from circulation by sending them to a dead wallet, a process known as burning. This represented 90% of the SHIB tokens he had received from Shiba Inu founder, Ryoshi. Buterin also donated the remaining 10% of the tokens to charity, a move that was widely praised for its philanthropic use of cryptocurrency.
As the third anniversary of this event approaches, the Shiba Inu community continues to remember the impact of Buterin's actions, which are now seen as a defining moment in the history of the Shiba Inu. The legacy of the 410 trillion SHIB burn continues to shape the Shiba Inu project and the wider crypto world. In a recent tweet, the official Shiba Inu X account highlighted Buterin's historic burn and announced that Shiba Inu's partner, K9 Finance DAO, will burn 410 million KNINE on May 31 to commemorate the Ethereum co-founder.