Shiba Inu tokens have been consistently removed from the circulating supply via burns. Over the past 24 hours, around 754,187,142 SHIB has been burned. As a result, the burn rate was up by more than 4636.07% at press time. The asset’s price has been reacting positively to the same. On Wednesday, March 22, Shiba Inu was trading at $0.00001087, up by roughly 5% over the past day. Several renowned institutions, groups, and people from the community have burned Shiba Inu tokens. So, who is currently the top SHIB burner?
Also Read: Shiba Inu [SHIB] Mid-March 2023 Price Prediction
Ethereum founder Buterin tops the SHIB burn list
In May 2021, Ethereum Co-founder Vitalik Buterin burned more than $6.7 billion worth of SHIB tokens. Thanks to the said transaction, the Ethereum founder continues to be the top burner.
Let’s rewind a bit to understand the context better. The anonymous developers of Shiba Inu had chalked out in their “woofpaper” that they would send 50% of the total SHIB supply to Buterin’s address to remove it from circulation. They presumed that the Ethereum founder will hold the SHIB tokens sent to him. In fact, the team weighed the sent tokens on the same burning scale, for they hoped that their gesture would eventually drive up the price.
Well, Buterin did not disappoint, at least for a while. He held onto his SHIB stash for a brief period. Then, he gradually started spending them by sending SHIB tokens as gifts and donations to a host of charitable causes around the world. For instance, he donated a whopping 50 trillion SHIB tokens [worth around $1.2 billion at that time] to India’s COVID Relief Fund.
A few days after, the market became wary of the charitable donations, and Buterin went on burn about 90% of his remaining SHIB holdings. He sent 410 trillion SHIB [worth around $6.7 billion at that time] to a dead blockchain address, thereby removing them from circulation once and for all.
At that time, Buterin had affixed a note where he asserted that he would prefer makers of cryptos give them to charities. Specifically, he said,
“I don’t want to be a locus of power of that kind.”
At press time, Vitalik Buterin’s wallet merely contained $68.76 worth of SHIB, i.e. 6331044.32 tokens.