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1,084 days after Vitalik Buterin’s historic fire of 410 trillion SHIB
Tomiwabold Olajide
The massive fire of SHIB by the Ethereum co-founder remains a landmark event in the history of cryptocurrencies
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Nearly three years ago, the cryptocurrency market witnessed a historic event as the co-founder of Ethereum Vitalik Buterin executed a massive Shiba Inu (SHIB) token fire, permanently removing a staggering 410 trillion tokens from circulation.
This bold move, worth around $6.7 billion at the time, marked a pivotal moment for SHIB and the market at large.
On May 17, 2021, Buterin decided to burn 90% of it. SHIB holdings after unintentionally receiving half of the total supply of SHIBs, sending them to a dead blockchain address. The reason was that it didn’t want to be a “place of power of that kind”.
This act effectively reduced SHIB’s total supply by nearly half. The remaining 10% of its holdings were allocated to a charity, in line with its values of supporting life-saving efforts with a long-term vision.
1,084 days later
Fast forward 1,084 days and the cryptocurrency scene has changed substantially. The act of burning such a large amount of SHIB has had a lasting impact on the perception and value of the token. While the immediate consequences saw a slight increase in prices, the long-term effects were more nuanced.
Since the cryptocurrency market is influenced by a myriad of factors, such as technological advancements, price dynamics, and changes in investor sentiment, SHIB’s current price is the result of a complex interplay of these dynamics.
However, the burning of the SHIB by the Ethereum co-founder remains a landmark event in the history of cryptocurrencies. As previously reported, this mega burn now worth a whopping $10 billion could be the largest of all time for crypto transactions if burns are considered.
Meanwhile, the Shiba Inu community continues to advance The SHIB burns. The SHIB team burned billions of SHIB tokens in March 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 was up 0.46% over the past 24 hours at $0.00002473.
About the author
Tomiwabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analyzes and trading predictions on estimated market trends. Tomiwabold graduated from the University of Lagos.