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Dog cryptocurrency Shiba Inu (SHIB) just turned five. Shiba Inu launched on Aug. 1, 2020, with an initial supply of 1 quadrillion tokens.
Since its inception, the Shiba Inu burn strategy has aimed to reduce the token’s massive supply and boost long-term value. According to Shibburn, a total of 410,752,071,267,334 SHIB have been burned from the Shiba Inu initial supply, accounting for over 41%.
Contributing to this huge figure is a massive burn undertaken by Ethereum co-founder Vitalik Buterin.
In May 2021, Vitalik Buterin took the crypto community by surprise by burning 410 trillion SHIB and donating 50 trillion SHIB (worth $1.2 billion at the time) in one of the biggest charitable acts in crypto history. Buterin was unwillingly gifted half of the Shiba Inu supply, of which he burned 90%, totaling $6.7 billion at the time.
Shiba Inu's deflationary trend continues: 1,102,997 SHIB were burned in the last 24 hours and 629,718,781 SHIB in seven days, according to Shibburn, marking a 1,720% surge in weekly burn rate.
Shiba Inu turns five
Launched in August 2020 with just $3,000 liquidity, SHIB was written off as "just another dog token."
By October 2021, it had risen approximately 150,000× to an ATH of $0.000088, temporarily surpassing Dogecoin's market value and entering the top 10 cryptocurrencies.
In 2021, SHIB went mainstream, having been accepted by retailers like Newegg for payments, and was listed on Binance (May 2021) and Coinbase (September 2021). July 2021 saw the launch of ShibaSwap, SHIB’s decentralized exchange; ShibaSwap (DEX) launched on mainnet in December 2021 with LEASH and BONE added.
Shiba Inu was listed on Robinhood in April 2022, and in October of the same year, Shiba Eternity, Shiba Inu's mobile card game, launched globally. Shibarium, the Shiba Inu Layer-2 blockchain, was released on the mainnet in August 2023.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team