Nearly three years ago, the crypto market witnessed a historic event as Ethereum co-founder Vitalik Buterin executed a massive burn of Shiba Inu (SHIB) tokens, permanently removing a staggering 410 trillion tokens from circulation.
This bold move, worth approximately $6.7 billion at the time, marked a pivotal moment for SHIB and the broader market.
On May 17, 2021, Buterin decided to burn 90% of his SHIB holdings after being unwillingly gifted half of SHIB’s total supply, sending them to a dead blockchain address. The reason was that he did not want to be a "locus of power of that kind."
This act effectively reduced the total supply of SHIB by almost half. The remaining 10% of his holdings were earmarked for a charity, aligning with his values of supporting life-saving efforts with a long-term vision.
1,084 days after
Fast forward 1,084 days, and the cryptocurrency scene has changed substantially. The act of burning such a vast amount of SHIB has had a lasting impact on the token's perception and value. While the immediate aftermath saw a mild price spike, the long-term effects have been more nuanced.
As the crypto market is influenced by a myriad of factors, such as technological advancements, price dynamics and shifts in investor sentiment, the current price of SHIB is the result of a complex interplay of these dynamics.
Nonetheless, the SHIB burn by the Ethereum co-founder remains a landmark event in cryptocurrency history. As previously reported, this mega burn now worth a whopping $10 billion might be the biggest of all time for crypto transactions, if burns are considered.
Meanwhile, the Shiba Inu community continues to advance SHIB burns. The SHIB team in March burned billions of SHIB tokens alongside 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 was up 0.46% in the last 24 hours to $0.00002473.