The Impact of Vitalik Buterin’s SHIB Token Burn on Shiba Inu’s Historic High
Shiba Inu (SHIB), the cryptocurrency that took the crypto world by storm in 2021, owes part of its success to a historic act by Ethereum co-founder Vitalik Buterin. But what if things had taken a different turn? Recent evidence provided by a prominent Shiba Inu community entity, Shibburn, suggests that SHIB’s all-time high could have been significantly lower if Vitalik had not burned a staggering 410.2 trillion SHIB tokens.
When SHIB was launched, Vitalik received 50% of the circulating supply. Instead of keeping or selling these tokens, he made a surprising move. Vitalik donated 10% of the assets to charity and sent the remaining 90% to a burn address, effectively removing them from circulation. This move coincided with SHIB’s explosive bull run in 2021, which led to its all-time high of $0.00008845. However, as previously noted by Shibburn, the price of SHIB had already started climbing before this significant event.
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In a recent post on X, Shibburn dives deeper into what might have happened if Vitalik had not chosen to burn the tokens. Shibburn’s analysis presents an alternative scenario where these token5s were not burned, and it begins with the question, “What if Vitalik Buterin had sold the 50% of the $SHIB supply instead, or if the 50% had never been sent to him?”
What if Vitalik Buterin had sold the 50% of the $SHIB supply instead, or if the 50% had never been sent to him? The price could have reached $0.00004225 when Market Cap was at its All-Time High instead of $0.00008845. If it had the same demand. #SupplyAndDemand pic.twitter.com/eCGTeotCFX
— Shibburn (@shibburn) September 11, 2023
According to Shibburn’s analysis and the accompanying chart, if Vitalik had not received the tokens or had decided to sell them, SHIB’s all-time high might have reached only $0.00004225. While this is still an impressive achievement, it would have been just half of what the cryptocurrency managed to attain thanks to the burn.
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In related news, Shibariumscan, a dedicated explorer for the Shibarium network, has reported an astonishing 1,168,483 transactions as of the current press time. This remarkable milestone follows the recent relaunch of the network for public use, marking a swift turnaround from its earlier setbacks that temporarily placed it in private mode. The renewed enthusiasm among users has fueled increased adoption and transaction volume on the Shibarium network.
The impact of Vitalik Buterin’s decision to burn a significant portion of SHIB tokens continues to be a subject of fascination and debate within the crypto community. As the Shiba Inu ecosystem evolves, with new developments and initiatives on the horizon, observers eagerly await the next chapter in SHIB’s journey and its potential to disrupt the crypto space further.
Please note that the analysis provided in this news report is based on the perspectives of Shibburn and the available data, and readers should conduct their own research before making any cryptocurrency-related decisions.
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Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you’re a seasoned investor or just starting out, Cryptolifedigital’s analysis offers valuable insights into the world of cryptocurrency.
