Thu, 30/05/2024 – 11:38
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The Shiba Inu (SHIB) community is celebrating a significant milestone: the third anniversary of Ethereum cofounder Vitalik Buterin’s historic burn of 410 trillion SHIB tokens.
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This event, which occurred in May 2021, marked a pivotal moment in the cryptocurrency’s history, significantly lowering its total supply by an initial one quadrillion.
In May 2021, Vitalik Buterin made headlines in the cryptocurrency world by burning 410 trillion SHIB tokens, which were worth around $6.7 billion at the time. The tokens were part of a donation made to Buterin by the Shiba Inu project, which had sent him 50% of the total SHIB supply.
Rather than keeping the tokens or selling them, Buterin chose to remove them permanently from circulation by sending them to a dead wallet, a process known as burning. The 410 trillion SHIB burned represented 90% of the SHIB stash he was unwillingly gifted by the Shiba Inu founder, Ryoshi.
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Buterin did not stop at the burn. The remaining 10% of the SHIB tokens were donated for charity purposes, showcasing a philanthropic use of cryptocurrency that was applauded worldwide.
As the third anniversary of this event arrives, the Shiba Inu community has not forgotten the impact of Buterin’s actions. The burn is today regarded as a watershed moment in the history of the Shiba Inu.
In a recent tweet, the official Shiba Inu X account spotlights Buterin’s historic burn: “In 3 years ago, Ryoshi burned SHIB to Vitalik Buterin, a move that etched the Shibarmy in history. Now, our partners K9finance pay homage with a 410 million KNINE burn on May 31st. The legacy of burns continues.”
The legacy of the 410 trillion SHIB burn continues to influence the Shiba Inu project and the broader crypto world. Shiba Inu’s partner, K9 Finance DAO, will burn 410 million KNINE on May 31 to commemorate the Ethereum cofounder.
