Analytics show that the massive SHIB tokens burn executed by Vitalik Buterin remains the largest on-chain transaction of all time.
Likewise, the Ethereum blockchain recorded the most expensive transactions of crypto by the network, courtesy of a $4.4 billion crypto transfer between Binance wallets.
Per a recent update shared by the Director of Product Strategy and Business Operations at Coinbase, Conor Grogan, the Ethereum creator holds the record of the largest single transaction performed on-chain.
The record transaction was executed on May 16, 2021, and was valued at $7.4 billion at the time of execution. The transaction saw a whopping 410,241,996,771,871 SHIB tokens burned by the Ethereum co-founder in one go.
Did not include transactions to burn addresses; if I did, @VitalikButerin burn of $7B in SHIB would probably be #1 of all time
Note: Cardano, Solana, Avalanche, Optimism, and others not included due to challenges navigating blockchain infrastructure there (Wen @ArkhamIntel?) pic.twitter.com/WXXeeNtqhp
— Conor (@jconorgrogan) March 26, 2023
This heavy quantity represented 90% of the total Shiba Inu tokens gifted to Buterin by the decentralized meme token community. Buterin who did not want to keep the tokens, beckoning on other projects not to airdrop him, channeled the remaining 10% to charity.
Interestingly, this particular burn transaction took the SHIB price up by around 338% in 2021. The rally which began in May 2021 prevailed till October 2021 when Shiba Inu touched a high of $0.00007924.
Ultimately, it served as a necessary boost to the SHIB burn expedition as more community members sent millions of tokens to the dead wallet.
At the time of writing, a total of 410,391,855,532,725 SHIB and counting have been taken out of the asset’s initial supply. With Shiba Inu layer-2 scaling solution, Shibarium on the way, and other projects supporting the token burn goal, more SHIB tokens are expected to be destroyed in the future.
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