As a seasoned crypto investor with a keen interest in the market’s history and developments, I cannot help but be impressed by the impact of Vitalik Buterin’s SHIB burns on the token’s value and perception.
Around three years ago, I watched in awe as Ethereum co-founder Vitalik Buterin carried out an unprecedented destruction of Shiba Inu (SHIB) tokens. He eliminated an astonishing amount of 410 trillion SHIB tokens from existence.
This decisive action, valued at around $6.7 billion, represented a significant turning point for SHIB and the larger cryptocurrency scene.
On May 17, 2021, Buterin chose to dispose of 90% of his SHIB tokens, which had been unwittingly bestowed upon him, holding approximately half of the entire SHIB supply. He transferred these tokens to an inactive blockchain address, expressing his desire to relinquish any influence over that magnitude.
Through this action, the total amount of SHIB in circulation was significantly decreased by nearly half. Of the remaining SHIB he owned, a generous 10% were designated for charitable contributions, reflecting his commitment to saving lives and looking towards the future.
1,084 days after
In approximately three years from now, the cryptocurrency market will look significantly different than it does today. The decision to destroy over 1 million SHIB tokens has left a profound mark on the coin’s reputation and worth. Initially, there was a slight price surge, but the true consequences have been more complex.
Due to various influences on the cryptocurrency market, including technological innovations, price trends, and investor mood swings, the present value of SHIB represents a intricate balance of these forces.
Despite this, the massive SHIB burn carried out by the Ethereum co-founder is a significant milestone in cryptocurrency history. Previously reported, this burn, valued at an astounding $10 billion, could potentially hold the record for the largest crypto transaction burn if such events are taken into account.
As a crypto investor, I’ve noticed that the Shiba Inu community has been actively working on burning SHIB tokens. The team made a significant move in March by incinerating billions of SHIB tokens together with BONE and LEASH. Recently, a total of 4,725,055 SHIB tokens have been burned in six separate transactions within the last 24 hours. Currently, SHIB is showing a modest increase of 0.46% over the past day, trading at $0.00002473.
Read More
- BCH PREDICTION. BCH cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- USD PHP PREDICTION
- SOL PREDICTION. SOL cryptocurrency
- USD COP PREDICTION
- USD MYR PREDICTION
- ZKJ PREDICTION. ZKJ cryptocurrency
- PSTAKE PREDICTION. PSTAKE cryptocurrency
2024-05-05 12:28