According to U.Today, a significant event in the history of cryptocurrency occurred nearly three years ago when Ethereum co-founder Vitalik Buterin executed a massive burn of Shiba Inu (SHIB) tokens. This action permanently removed an astounding 410 trillion tokens from circulation, a move valued at approximately $6.7 billion at the time. This marked a crucial turning point for SHIB and the wider market. On May 17, 2021, Buterin chose to burn 90% of his SHIB holdings after he was involuntarily given half of SHIB’s total supply. He sent these tokens to a dead blockchain address as he did not wish to hold such a significant amount of power. This action effectively reduced the total supply of SHIB by nearly half. The remaining 10% of his holdings were set aside for a charity, reflecting his commitment to supporting life-saving initiatives with a long-term vision.
Fast forward 1,084 days, and the landscape of cryptocurrency has significantly evolved. The act of burning such a large quantity of SHIB has had a lasting influence on the token's perception and value. While the immediate aftermath saw a slight price increase, the long-term effects have been more subtle. The current price of SHIB is the result of a complex interplay of various factors, including technological advancements, price dynamics, and shifts in investor sentiment. Despite these complexities, the SHIB burn by the Ethereum co-founder remains a landmark event in cryptocurrency history. As previously reported, this mega burn, now valued at a staggering $10 billion, might be the largest of all time for crypto transactions, if burns are considered.
Meanwhile, the Shiba Inu community continues to promote SHIB burns. The SHIB team in March 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 had increased by 0.46% in the last 24 hours to $0.00002473.