In May 2021, Vitalik Buterin, co-founder of Ethereum, made a groundbreaking move in the crypto world by burning 410 trillion Shiba Inu (SHIB) tokens. These tokens, valued at approximately $6.7 billion at the time, were part of a donation from the Shiba Inu project, which had transferred 50% of the total SHIB supply to Buterin. Rather than retaining or selling the tokens, Buterin decided to remove them permanently from circulation by sending them to a dead wallet, a process known as burning. This action significantly reduced the SHIB supply and demonstrated the potential for philanthropic uses of crypto.
The latest Shiba Inu supply metrics reflect the impact of Buterin’s burn and subsequent burns by the community. The total burnt from the initial supply stands at 410,726,484,240,396 SHIB, reducing the maximum total supply from its original amount. Currently, the max total supply of SHIB is 999,982,356,918,347, with a total supply of 589,273,515,759,603 SHIB. The circulating supply is recorded at 583,147,624,036,713 SHIB, and 6,125,891,722,889 SHIB are staked (xSHIB).
SHIB Burn Rate Soars Amid Continued Price DeclineThe SHIB market data provides a snapshot of the current state of the cryptocurrency. As of the latest update, the SHIB price is $0.00002579, with a market capitalization of $15,172,748,034. The 24-hour trading volume is reported to be $918,513,629, indicating active trading and interest in the token.
The burn rate of SHIB has been particularly noteworthy, with the current rate at 315.26%, signifying a substantial increase in the number of tokens burned. On Thursday alone, 9,846,020 SHIB were burned. Recent burn transactions illustrate the ongoing commitment to reducing the SHIB supply.
Buterin’s burn of 410 trillion SHIB, which represented 90% of the SHIB tokens, was an unexpected gift from Shiba Inu’s founder, Ryoshi. The remaining 10% of the tokens were donated to charity, setting a significant precedent for the philanthropic use of cryptocurrencies. This event has had a lasting impact on the Shiba Inu community and the broader crypto world, highlighting the potential for digital assets to contribute to charitable causes.
Celebrating the third anniversary of this monumental event, the Shiba Inu community continues to honor Buterin’s impactful decision. Recently, the official Shiba Inu X account commemorated this historic burn with a tweet.
To further honor Buterin’s significant action, Shiba Inu’s partner, K9 Finance DAO, announced a burn of 410 million KNINE tokens on May 31. This ongoing tradition underscores the lasting influence of the 410 trillion SHIB burn on the Shiba Inu project and the broader cryptocurrency community, maintaining the momentum of reducing token supply and highlighting the community’s commitment to impactful actions.
