Ethereum

Burn

Shiba Inu

Thought

Rise

<p><strong>Myths and misconceptions often take root, leading to a distorted understanding of events in the crypto realm. </strong></p> 
<p>One such event that has been shrouded in misunderstanding is the $1.7 billion SHIB (Shiba Inu) token burn by Ethereum co-founder Vitalik Buterin in May 2021. A recent thread by SHIB burn portal, <a href="https://twitter.com/shibburn/status/1699516364849811955?s=20" target="_blank" rel="noreferrer noopener nofollow">Shibburn</a>, aims to set the record straight.</p> 
<p>Contrary to popular belief, Vitalik Buterin did not spend $1.7 billion in <a class="wpil_keyword_link" href="https://captainaltcoin.com/shiba-inu-price-prediction/" title="SHIB" data-wpil-keyword-link="linked" target="_blank">SHIB</a> tokens to execute the burn. Instead, these tokens were initially allocated to him when the Shiba Inu token was created. </p> 
<p>The Ethereum transaction <a href="https://etherscan.io/tx/0xabc68f7d712a1552468331c6ec29f5c112bb500ed5ffa660fe2b5af378921e37" target="_blank" rel="nofollow">0xabc68f7d712a1552468331c6ec29f5c112bb500ed5ffa660fe2b5af378921e37</a> reveals that Buterin transferred 90% of his SHIB holdings to a burn address months after receiving them.</p> 
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<p>The act of transferring these tokens to a burn address did not inherently drive up the token’s price. A burn address is essentially a digital black hole where tokens are sent to be permanently removed from circulation. While this does reduce the overall supply, the immediate impact on price is not guaranteed.</p> 
<p>The astronomical surge in SHIB’s price in May 2021 was not a direct result of Buterin’s actions but rather a consequence of skyrocketing demand. As the token gained visibility and traction, more investors flocked to it, driving up its price. </p> 
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<p>According to Shibburn, the token’s value increased by an eye-watering 46,000,000% since its inception, maintaining a 5x increase since May 6, 2021.</p> 
<h2 class="wp-block-heading" id="the-vitalik-effect-a-contributing-factor">The Vitalik Effect: A Contributing Factor?</h2> 
<p>While Buterin’s burn didn’t directly influence the price, it’s worth considering its indirect effects. Given that he held half of the total SHIB supply, his decision to burn a significant portion could have contributed to market sentiment. Investors often view such burns as a positive sign of reducing supply, which could lead to higher prices in the long term.</p> 
<p>The narrative surrounding Vitalik Buterin’s SHIB burn serves as a cautionary tale in the crypto space, highlighting the importance of accurate information. </p> 
<p>While the burn itself did not propel the token’s price, the high demand and potential market sentiment arising from such a significant event played a crucial role in SHIB’s valuation. As the crypto market continues to mature, it becomes increasingly important to separate fact from fiction to make informed investment decisions.</p> 
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<p><em>Explore our <strong><a href="https://captainaltcoin.com/tag/news/" target="_blank" rel="noreferrer noopener">news section</a></strong> and stay ahead of the curve with our expert <strong><a href="https://captainaltcoin.com/predictions/" data-type="link" data-id="https://captainaltcoin.com/predictions/" target="_blank" rel="noreferrer noopener">price predictions</a>.</strong></em></p> 
<p>The post <a rel="nofollow" href="https://captainaltcoin.com/shiba-inus-meteoric-46000000-rise-its-not-the-1700000000-shib-burn-you-thought/">Shiba Inu’s Meteoric 46,000,000% Rise – It’s Not the $1,700,000,000 SHIB Burn You Thought</a> appeared first on <a rel="nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Shiba Inu’s Meteoric 46,000,000% Rise – It’s Not the $1,700,000,000 SHIB Burn You Thought

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