In a crucial revelation, Shibburn, a prominent tracker of Shiba Inu token burns driven by the community, recently took to Twitter to provide valuable insight into the burning process of the Shiba Inu token.
Shibburn’s statement carried a stark message: any Shiba Inu tokens sent to the official SHIB contract address are, in essence, gone forever.
This clarification came in response to a significant number of novice investors who inadvertently sent substantial quantities of Shiba Inu tokens to the official SHIB contract address. Once these tokens are sent to this address, there is no turning back; they are permanently removed from circulation.
Shibburn highlighted that only one project had publicly admitted to sending SHIB tokens directly to the official Shiba Inu contract address roughly a year ago. However, there were multiple instances of unclaimed transactions where members of the community transferred substantial amounts of SHIB to the official SHIB contract address. To illustrate the gravity of the situation, it was revealed that in early 2021, a mysterious wallet executed a single transaction sending a staggering 60 billion Shiba Inu tokens to the official contract address.
It’s essential to note that Shiba Inu, a decentralized project launched in August 2020 by the pseudonymous founder Ryoshi, carries a unique history. Ryoshi locked 50% of the total supply in Uniswap and intentionally discarded the keys, rendering it impossible for anyone, including Ryoshi, to access the liquidity, including the accumulated ETH in the liquidity pool. Consequently, any tokens sent to the Official SHIB contract address become inaccessible and irretrievably lost.
The remaining 50% of the SHIB supply was gifted to Vitalik Buterin, the co-founder of Ethereum. In a remarkable display of generosity and commitment to charitable causes, Vitalik burned 40% of the SHIB supply by transferring it to a dead wallet. Furthermore, he donated 10% of the supply to the Indian Covid Relief Fund, which is owned by Polygon founder Sandeep Nailwal.
This revelation serves as a stark reminder of the importance of careful token management within the crypto space. As the Shiba Inu community continues to navigate its unique journey, understanding the irreversible nature of certain transactions is paramount.