The Shiba Inu ecosystem team has recalled the momentous action of Ethereum founder Vitalik Buterin, who burned an astonishing 410 trillion SHIB tokens.
In a recent post on X, the official Shiba Inu ecosystem account commemorated the third anniversary of Vitalik Buterin’s historic SHIB burn, bringing back memories of this significant event.
This remembrance holds particular significance as Shiba Inu’s partner, K9 Finance, seeks to honor Buterin’s gesture by destroying 410 million units of its own native token, KNINE.
When Shiba Inu made its debut in mid-2020, its creator Royshi shared approximately half of the total supply, 505 trillion SHIB tokens, with Ethereum’s Vitalik Buterin. About a year later, Buterin began selling off the tokens he had received.
One notable transaction was his charitable contribution of over 50 trillion SHIB tokens to a COVID-19 relief fund in India, which amounted to over $1 billion in monetary value.
A few days later, on May 16, 2021, Buterin transferred over 410 trillion SHIB tokens (specifically, 410,241,996,771,871) to a dead address, effectively removing them from circulation. To put this into perspective, Buterin burned Shiba Inu tokens worth over $6 billion in a single transaction.
In the accompanying transaction note, the Ethereum founder expressed his desire not to hold concentrated power over a project. He believed it would be better for the tokens to be directly issued to a deserving charity rather than gifted to him.
To this day, the staggering 410 trillion SHIB tokens burned by Buterin represent the majority of the tokens that have been destroyed. This act also contributed to Shiba Inu reaching a record high value five months later, as it introduced scarcity to SHIB’s circulation. The Shiba Inu community continues to commemorate this significant event.
In a gesture of homage to Buterin’s 410 trillion SHIB burn, K9 Finance has announced plans to burn 410 million KNINE tokens on Friday, May 31. This upcoming transaction will mark the first official burn by K9 Finance DAO.
Through this action, the K9 Finance team aims to celebrate Vitalik Buterin’s transformative impact on SHIB and signal their intention to make a similar move. Additionally, the Shiba Inu partner aims to decrease the fully diluted supply of KNINE, establishing it as a deflationary token and enhancing its value for holders.
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