According to Shibburn, the surge in demand in May 2021 was the primary reason behind SHIB’s rally. This demand, along with the fact that Buterin owned half of the token’s supply, likely contributed to the price rally., SHIB had already surged by 29,151,160% from a low of $0.000000000119 on Jan. 1, 2021, to a high of $0.00003469 on May 11, 2021. Buterin’s burn happened after the rally, during a correction phase in May, causing SHIB’s price to drop to $0.00000621 in June 2021.
Shibburn highlights that while Shiba Inu has surged over 46 million percent since 2020, it has only increased 5 times since May 6, 2021, suggesting that the asset’s rally occurred mainly before Buterin’s burn. Now, the project continues building, and one of the most recent highlights was the launch of its layer-two network called Shibarium. You can find out everything about it in our most recent video: