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Coinbase Director Says Buterin 410T Shiba Inu Burn is Largest On-chain Transaction Ever

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Buterin $7B SHIB Burn Among Largest On-chain Transactions Ever.

The transaction occurred in May 2021 and involved the majority of Shiba Inu tokens given to Buterin as a gift.

Vitalik Buterin’s unprecedented Shiba Inu burn of $7 billion worth of assets is now regarded as one of the most significant on-chain transactions ever. The Ethereum founder incinerated the SHIB tokens as far back as May 2021.

The 2-year-old milestone was recently highlighted when Conor Grogan, Director of Product Strategy & Business Operations at Coinbase, sought to call attention to the largest on-chain transactions across multiple blockchains.

As highlighted by Grogan, with the exemption of burn transactions, the largest single on-chain transaction of all time is a Binance fund movement that involved $4.4 billion worth of assets in a cold storage transfer. The second largest transaction, involving $1.9 billion worth of BNB, was also carried out by Binance.

However, if burn transactions are considered, Vitalik Buterin’s burn involving 410 trillion Shiba Inu (worth $7 billion at the time) on May 16, 2021, could be regarded as the largest on-chain transaction of all time.

“I did not include transactions to burn addresses; if I did, Vitalik Buterin’s burn of $7B in SHIB would probably be number 1 of all time.”

Grogan further noted that he did not consider networks such as Solana, Cardano, and Avalanche due to the difficulty of navigating their blockchain infrastructure.

In addition, he called attention to a burn transaction to the tune of $13 billion worth of Binance Beacon ETH (BETH) that occurred last June but disclosed that he’s not sure of the specifics of the transaction.

While its position as the single largest transaction of all time is disputed, Buterin’s $7 billion SHIB burn will always be seen as one of the largest on-chain transactions ever. The transaction involved 90% of the Shiba Inu tokens given to Buterin as a gift by the Shiba Inu community. He donated the remaining 10% to charity.

This singular was one of the factors that contributed to Shiba Inu’s massive rally in 2021, as the asset surged by 338% from May 2021 to the high of $0.00007924 in October of that year.

Though the community has seen a modest reduction in burn rate, Shibarium is expected to bolster the initiative by using 70% of every base transaction fee to burn SHIB.

 

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