In May 2021, Ethereum co-founder Vitalik Buterin made waves in the crypto world by burning 410 trillion Shiba Inu (SHIB) tokens, worth about $6.7 billion at the time. These tokens were part of a donation from the Shiba Inu project, which had transferred 50% of the total SHIB supply to Buterin. Instead of keeping or selling them, Buterin chose to burn the tokens by sending them to a dead wallet, permanently removing them from circulation. This act significantly reduced the SHIB supply and highlighted the potential for philanthropic uses of cryptocurrency.

The latest metrics show the lasting impact of Buterin’s burn and ongoing community burns. The initial burn reduced the SHIB supply by 410,726,484,240,396 tokens. Now, 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 stands at 583,147,624,036,713 SHIB, with 6,125,891,722,889 SHIB staked (xSHIB).

Current market data for SHIB indicates a price of $0.00002579 and a market capitalization of $15,172,748,034. The 24-hour trading volume is $918,513,629, reflecting active interest and trading. The burn rate of SHIB is noteworthy, with a current rate of 315.26%. On a single day, 9,846,020 SHIB were burned, showing the community’s ongoing commitment to reducing the token supply.

Buterin’s burn, which eliminated 90% of the SHIB tokens sent to him, was an unexpected move prompted by Shiba Inu’s founder, Ryoshi. The remaining 10% of the tokens were donated to charity, setting a powerful example of how cryptocurrencies can be used for philanthropic purposes. This event has had a lasting impact on the Shiba Inu community and the broader crypto space, emphasizing the potential of digital assets to support charitable causes.

In celebration of the third anniversary of this significant event, the Shiba Inu community continues to honor Buterin’s influential decision. The official Shiba Inu X account recently commemorated this historic burn with a tweet, marking the enduring legacy of Buterin’s action.