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- SHIB is also termed as the “DOGEcoin Killer” meme cryptocurrency.
- Shiba Inu was launched in 2022 by Ryoshi, a cryptocurrency creator.
Vitalik Buterin, the founder of Ethereum, had previously burned $7 billion worth of Shiba Inu Tokens on 16th of May, 2021. This is considered as one of the largest on-chain transactions ever. The founder had reportedly burnt 410 trillion SHIB tokens (90%), which were gifted to him by the Shiba Inu community and donated the remaining (10%) to charity.
The initial circulating supply of SHIB tokens was 1 quadrillion tokens, with 50% being locked in Uniswap, a decentralized cryptocurrency exchange and the other 50% was sent to Buterin out of which he burned 90% and sent the rest 10% for charity.
Coinbase Director Publishes a List of Top 10 on-chain Transactions
The burn transaction of SHIB tokens was recently highlighted by Conor Grogan, the Director of Products Strategy & Business Operations at Coinbase, on 26th of March, 2023. He also tweeted about the top 10 most expensive on-chain transactions in the crypto market, on the same day. The largest single on-chain transaction of all time, with the exemption of burn transactions, is a Binance fund movement, which involved a $4.4 billion transfer of assets to a cold wallet, on 7th of May, 2022.
Grogan also stated that he did not include the burn transaction of SHIB tokens by V. Buterin, if he included burn transactions, then it would surely be the largest on-chain transaction in the market. Grogan informed about the difficulty of navigating through the blockchain infrastructure of Cardano (ADA), Solana (SOL) and Avalanche (AVAX) and thus he did not include transactions based on these cryptocurrencies.
The second largest transaction is of $1.94 billion, made by Binance to a cold storage, on 22nd February 2022. Other noteworthy transactions include a $1.46 billion transfer to the Huobi exchange on 24th June 2018 by Justin Sun, the founder of Tron. Another $1.1 billion BTC transfer from Bitfinex for refiling a hot wallet, in April 2020. However, none of these transactions can be compared to Buterin’s $7 billion transfer.
The burn transaction by Buterin had contributed to the rally of Shiba Inu coins in 2021. The asset had surged in value by 338% from May 2021 to a peak of $0.00007924 in October of the same year. The Shibarium protocol is expected to boost the surge by using 70% of every base transaction fee to burn SHIB tokens.
This ultimately is a move by Shiba Inu to decrease the coin’s supply and increase its value.
Coin burning involves eliminating a coin so that it cannot be used again. Developers and miners then forward the coins to dead addresses with inaccessible private keys. Investors mostly prefer a scarce crypto asset rather than one with unlimited supply. Thus, the burning of coins is often beneficial for cryptocurrency companies. In the last 24 hours, 814,901,863 $SHIB tokens have been burned in 7 transactions.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
