- Three years ago, Ethereum co-founder Vitalik Buterin executed a historic burn of Shiba Inu (SHIB) tokens, permanently removing 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 crypto market.
- Fast forward 1,084 days, and the crypto scene has significantly changed, with the SHIB burn having a lasting impact on the token’s perception and value.
Explore the lasting impact of Ethereum co-founder Vitalik Buterin’s historic burn of Shiba Inu (SHIB) tokens on the crypto market and the token’s value.
The Historic SHIB Burn
On May 17, 2021, Buterin decided to burn 90% of his SHIB holdings after being unwillingly gifted half of SHIB’s total supply. He sent them to a dead blockchain address, stating 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.
The Impact on SHIB and the Crypto Market
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. The current price of SHIB is the result of a complex interplay of factors, such as technological advancements, price dynamics, and shifts in investor sentiment.
SHIB Burn: A Landmark Event
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.
Continued SHIB Burns
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.
Conclusion
The historic SHIB burn by Ethereum’s co-founder has had a profound impact on the crypto market and the token’s value. As the crypto scene continues to evolve, the effects of this landmark event continue to resonate, influencing investor sentiment and price dynamics. The Shiba Inu community’s continued efforts to burn SHIB tokens further underscore the significance of this event.
