Vitalik Buterin could have fueled Shiba Inu price rally by burning $1.7 billion in SHIB
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- Vitalik Buterin burned 90% of SHIB sent to his wallet by creator Ryoshi in 2021.
- Shiba Inu burn statistics tracker explains how the Ethereum creator could have fueled a rally through a timely SHIB burn.
- SHIB burn rate declines nearly 40% overnight, while meme coin’s price is in an upward trend.
Back in 2021, Vitalik Buterin, the co-founder of Ethereum, received nearly 505 trillion SHIB from Ryoshi, the creator of the Shiba Inu project. Buterin donated 10% of the tokens to a Covid-19 relief charity and sent 90% to a dead-end wallet address.
Shiba Inu’s burn statistics tracker shared insights into how Buterin’s actions could have fueled a rally in SHIB price in May 2021.
Vitalik Buterin’s SHIB token transfer could have fueled a rally
Shibburn.com, Shiba Inu’s burn tracker informed the SHIB holder community in a recent tweet that Buterin’s SHIB transfer in May 2021 was likely ill-timed. The Ethereum creator moved 90% of the SHIB tokens received from Ryoshi to a dead-end wallet, when the price of the tokens was nearly $1.7 billion.
Burning 90% of the SHIB tokens did not appear to have a significant impact on the meme coin’s price at the time.
However, the team behind the burn tracker argues that a similar move, nearly two weeks before the transfer, would have amounted to $6.7 billion worth of SHIB. Burning or removing this value of SHIB tokens from circulation likely positively influenced the meme coin’s price via supply-demand dynamics.
Buterin added a note to his transfer made to the charity and said that he would prefer creators of crypto projects donate to charities, instead of offering him “the locus of power.”
Shiba Inu price is in an upward trajectory this week
Shiba Inu price climbed to $0.00000779 early on Friday. The meme coin is recovering from its August 17 intraday low of $0.00000725. The Shiba-Inu-themed meme coin needs to erase its losses from the past three weeks to make a comeback to $0.00000993, the price at which SHIB developers announced the launch of Layer 2 chain Shibarium.
