Vitalik Buterin Could Have Pushed SHIB up over 46,000,000%, Here's Why It Never Happened
Popular platform for removing SHIB meme coins to dead-end wallets Shibburn has published a post on X to clarify a certain thing about the massive SHIB burn made by Ethereum cofounder Vitalik Buterin in 2021.
The Canadian IT prodigy with Russian roots could have given tremendous momentum to the Shiba Inu price back then. However, it did not happen, and Shibburn has clarified why.
"Buterin could have helped increase SHIB's value by 46 million %"
The Shibburn account reminded the community that in early 2021, the mysterious founder of the Shiba Inu coins Ryoshi sent half of the one-quadrillion SHIB supply to Vitalik Buterin's wallet. That amount of meme coins was worth $6.7 billion back then after the price jumped in May 2021.
Shibburn claims that Buterin did not burn the SHIB he received when the price was surging but did it several months later when he sent 90% of his SHIB received from Ryoshi to a dead-end blockchain address.
The Shibburn account stated that the large price jumped from $0.0000076 as high as to reach $0.00003469 on May 11, due to the high demand opening for SHIB as more and more investors discovered the ambitious new meme coin and started buying it. Buterin burned his huge SHIB lump after the price went up. After the price increase, it was worth the above-mentioned $6.7 billion. Prior to that, it was evaluated at $1.7 billion, per Shibburn.
Therefore, as the account seems to suggest, if Buterin had sold it a couple of weeks earlier, he could have helped SHIB jump to a price level much higher than it occupies today — 46 million % growth since 2020, per the X post. Buterin's timely burn could have made it bigger than that, perhaps.
Just to clarify something on Vitalik Buterin's burn. He did not spend $1.7B in $SHIB to burn on May 2021 for it to have any effect on price then. That was given to him when the token was deployed. Transferring 90% of what was given to him from one wallet to another (burn address)… pic.twitter.com/QCpRAnlIwz— Shibburn (@shibburn) September 6, 2023
The reason why Buterin decided to burn 90% of his SHIB was that he did not want to be "be a locus of power of that kind." He then transferred the remaining 10% to the "cryptorelief" fund created by Polygon founder Sandeep Nailwa in India, to fight the pandemic there.
SHIB burn rate dives into red
As for recent SHIB burns, they seem pretty discouraging. Within the last 24 hours, the Shiba Inu community has disposed of merely 40,387,328 SHIB, pushing the burn rate down nearly 50% compared to what was burned the day before.
On Thursday, the total amount of SHIB removed from circulation by burning was slightly under 80 million, with a 721% increase in the burn rate, according to the same source, Shibburn platform.
After the relaunch of the Shibarium Layer 2 blockchain almost two weeks ago, the major mechanism of SHIB burning began running. According to what was said by SHIB devs earlier, each transaction on Shibarium will help send SHIB coins to dead wallets. A portion of every gas fee paid in BONE tokens will be set aside and later converted into Shiba Inu to be burned. Therefore, the more utility and adoption Shibarium gets, the more SHIB tokens the community will see locked out of circulation forever.
The number of transactions for now has reached more than 1,200,000, according to the Shibariumscan explorer.