A well-known website for shifting SHIB meme currencies to useless wallets Shibburn has written a post on X to explain anything regarding the significant SHIB burn done by Vitalik Buterin, the co-founder of Ethereum, in 2021.
The Russian-born Canadian IT prodigy at the time may have given the Shiba Inu price a huge boost. It didn’t, though, and Shibburn has explained why.
“Buterin could have helped increase SHIB’s value by 46 million %”
The Shibburn account informed users that half of the one quadrillion SHIB supply was transferred to Vitalik Buterin’s wallet by the enigmatic Ryoshi in early 2021. Those meme coins were valued around $6.7 billion at the time of the price spike in May 2021.
According to Shibburn, Buterin transmitted 90% of the SHIB he had gotten from Ryoshi to a dead-end blockchain address, which is when he allegedly burned the SHIB he had received at the time the price was soaring.
According to the Shibburn account, the price of SHIB significantly increased on May 11 from $0.0000076 to $0.00003469 as a result of the tremendous demand that emerged as more and more investors learned about the ambitious new meme currency and began purchasing it. After the price increased, Buterin torched his enormous SHIB chunk. It was now worth the aforementioned $6.7 billion due to the price rise. Prior to that, Shibburn estimated its value to be $1.7 billion.
Therefore, as the narrative appears to imply, Buterin could have assisted SHIB in rising to a price level considerably greater than it does today – 46 million% rise since 2020, according the X article — if he had sold it a few weeks earlier. It may have grown even larger with Buterin’s timely burn.
Buterin chose to destroy 90% of his SHIB because he did not want to “be a locus of power of that kind.” The remaining 10% was subsequently sent to Sandeep Nailwa, the creator of Polygon, who had established the “cryptorelief” fund in India to combat the epidemic there.
SHIB burn rate dives into red
Recent SHIB burning appear to be quite depressing. The Shiba Inu community has burnt just 40,387,328 SHIB in the past 24 hours, decreasing the burn rate by over 50% from the previous day.
According to the same source, the Shibburn platform, on Thursday, a little under 80 million SHIB were burned in total, with a 721% rise in the burn rate.
The main SHIB burning mechanism started operating roughly two weeks ago, with the restart of the Shibarium Layer 2 blockchain. Shibarium transactions would assist in sending SHIB tokens to inactive wallets, according to past statements made by SHIB developers. Every petrol cost paid in BONE tokens will have a part set aside, which will thereafter be turned into Shiba Inu and burnt. As a result, more SHIB tokens will be permanently frozen out of circulation the more useful and widely adopted Shibarium becomes.
According to the Shibariumscan explorer, there have been more than 1,200,000 transactions so far.
