Vitalik Buterin's Burning of $7 Billion in Shiba Inu Assets Is Considered One of the Most Significant On-chain Transactions in History

Vitalik BUTERIN'S unprecedented burning of $7 billion in Shiba Inu assets is now considered one of the most significant on-chain transactions ever. The founder of Ethereum burned SHIB tokens back in May 2021. Conor GROGAN, director of product strategy and business operations at Coinbase, wanted to draw attention to the largest on-chain transactions across multiple blockchains.

As Grogan emphasized, excluding burn transactions, the largest single on-chain transaction of all time is the movement of the Binance fund, in which $4.4 billion worth of assets were transferred to cold storage. The second largest transaction involving BNB, worth $1.9 billion, was also carried out by Binance.

However, if burning transactions are taken into account, Vitalik Buterin's burning of 410 trillion Shiba Inu (worth $7 billion at the time) on May 16, 2021 could be seen as the largest on-chain transaction of all time. Grogan also noted that he did not consider networks such as Solana, Cardano, and Avalanche due to the difficulty of navigating their blockchain infrastructure.

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