Shiba Inu (SHIB) the token that was created anonymously in August 2020 under the pseudonym “Ryoshi” closed the year 2020 with the burn of 410 Trillion of total tokens with 3,412 transactions.
The data is shared by “Shibburn,” the official Twitter handle.
???????? 410,273,539,992,961 $SHIB tokens have been burned this year with 3,412 transactions. #happynewyear #shibarmy
— Shibburn (@shibburn) January 1, 2022
The meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin paired with headlines and Tweets from personalities like Elon Musk and Vitalik Buterin.
When launched, Shiba Inu’s total supply was set to 1 Quadrillion. Later, Shiba Inu’s team gifted Vitalik Buterin half of SHIB’s total supply. Some people took this act as a “Marketing stunt.”
In response to the gift, Vitalik Buterin made the following announcement on May 17, 2021:
““I’ve decided to burn 90% of the remaining Shiba tokens in my wallet. The remaining 10% will be sent to a (not yet decided) charity with similar values to cryptorelief (preventing large-scale loss of life) but with a more long-term orientation.”
90% of his Shiba Inu (SHIB) token was worth $6.7 billion that time.
Vitalik Buterin later declared the donation of 50 trillion SHIB tokens (worth around $1.2 billion at the time) to an India COVID-19 relief fund set up by Polygon founder Sandeep Nailwal.
At the same time, Vitalik Buterin made a statement:
“I don’t *want* to be a locus of power of that kind.”
He also advised makers of cryptocurrencies to donate those coins or tokens to charities instead of gifting him.
Following this news, Shiba Inu’s burn movement started to grow and slowly the burning took momentum. Some online businesses like Nowpayments, Newegg, and Bigger Entertainment started to contribute towards Shiba Inu’s token burn. Some YouTubers like YourPop, Richskies, etc. also took the responsibility on their shoulders to burn Shiba Inu’s (SHIB) token by contributing 20% to 50%, even 100% of their Profit until and unless Shiba Inu’s token hit price of at least 1 cent.
Later on way to support Shiba Inu (SHIB) token and the Shiba ecosystem, Shiba Coffee Company was founded by someone with the mission to sell coffee in exchange for Shiba Inu (SHIB) token. The company promised to purchase Shiba with its 100% of earned profits, in which 10% will contribute towards burning Shiba to Vitalik Buterin’s burn wallet.
Now, the Burning of Shiba Inu (SHIB) token movement is in its full motion, as Shibburn’s official Twitter account reported the burning of 2,072,852,914 tokens with 349 transactions in December alone.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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