[Shiba Inu Spotlight: 1,084 days after Vitalik Buterin’s historic destruction of 410 trillion SHIBs]
Three years ago, Ethereum co-founder Vitalik Buterin conducted a notable Shiba Inu (SHIB) token burn, permanently removing 410 trillion tokens, worth approximately $6.7 billion at the time, from circulation, making SHIB and A turning point for the crypto market.
On May 17, 2021, Buterin decided to burn 90% of his SHIB token holdings after he was unwillingly gifted half of the total SHIB supply and subsequently sent it to an unaccessible block chain address. His move was intended to avoid becoming a central influence on the coin. He donates the remaining 10% of his holdings to charity to support long-term life-saving projects consistent with his philosophy.
Today, 1,084 days since that event, the cryptocurrency industry has undergone significant changes. This massive SHIB token burn had a profound impact on its market image and value. While prices have increased in the short term, the long-term effects are more subtle, showing how complex the crypto market is due to the interplay of factors such as technological developments, price fluctuations and investor sentiment.
The burn has now become a milestone in the history of the cryptocurrency, which is now worth a staggering $10 billion and may be the largest burn in the history of crypto trading.
At the same time, the Shiba Inu community is also actively promoting further SHIB token destruction. The SHIB team recently burned billions of SHIB tokens in March, as well as BONE and LEASH tokens. In the past 24 hours, 4,725,055 SHIB tokens were burned in six transactions.
