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U.Todays daily news digest keeps you informed of the most important updates in the crypto industry

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U.Today presents the top four news stories over the past day. Take a closer look at the world of crypto!

According to Coinbase director Conor Grogan, among the most expensive crypto-transactions-by-chain, there is one transaction that stands out - the Ethereum network's $4.4 billion move between Binance wallets on May 7, 2022. Grogan recently shared a list of the most impressive transfers he is aware of, and the abovementioned one took the top spot. The second spot belongs to a $1.94 billion move by Binance to cold storage on Feb. 22, and the third to Tron founder Justin Suns huge $1.46 billion transfer to the Huobi exchange in June 2018. However, if we take transactions to burn addresses into consideration, Ethereum co-creator Vitalik Buterin's massive 410 trillion Shiba Inu burn might be the biggest of all time. This even surpasses the $4.4 billion ETH move between Binance wallets previously stated.

In a recent tweet, pro-Ripple lawyer John Deaton stated that in his opinion, XRP has the most attractive risk/reward ratio. He then made a suggestion regarding the fate of XRPs price from the perspective of two scenarios - Ripples victory in the lawsuit and the SECs victory. In case the regulator wins, Deaton writes, Ripple could appeal the decision, maintaining the status quo. However, if the San Francisco-based fintech giant wins, it could provide much-needed clarity and pave the way for XRP's future growth. It could also mean that the Ripple-affiliated crypto will not be deemed a security anymore and its price increase could be substantial. The court decision is expected within the next few weeks, possibly even this week, as Judge Torres has not yet reached the six-month mark since the case was last pending.

Major crypto YouTube blogger Ben "BitBoy Crypto" Armstrong has recently taken to Twitter to share his view on the $1 billion class action lawsuit filed against him and other influencers for allegedly advertising FTX. In a series of tweets, he wrote several big statements, with the first one concerning the SHIB cryptocurrency. According to Armstrong, if he breaks even in the lawsuit by the time of verdict, he will get a tattoo of the Shiba Inu token. In his other statement, the YouTuber claimed that he is considering a countersuit as an investment, writing that he will make money on it, legal fees plus more. He also described his mission in the matter as achieving a precedent to protect people who cannot fight frivolous lawsuits. Armstrong added in one of his final statements that he will be fighting "not for himself, but for the entire crypto-influencer industry."

This week has started on a positive note for the SHIB meme cryptocurrency as its burn rate increased by an impressive 1,100% despite a lackluster price performance. Usually, a higher burn rate could have a positive impact on the tokens price as it reduces the supply. However, this relationship has not been evident in the case of Shiba Inu, as the price performance has remained subdued. Recently, the market watcher noticed a certain trend in Shiba Inu's burn rate, where it spikes toward the end of the trading week and remains stagnant on the weekends. Yet, this week's enormous 1,100% burn rate spike refuted the trend and demonstrated that the Shiba Inu community is still actively burning tokens.

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410 Trillion SHIB Burn by Vitalik Buterin Might Be Biggest, XRP Could Skyrocket After Court Decision, BitBoy to Get SHIB Tattoo If This Happens:...

Almost six months after its Public Testnet, the Polygon [MATIC] zkEVM Mainnet Beta went live on Monday 27 March. The event, which began at 10 a.m. E.T, was broadcast live on YouTube. It had in attendance Vitalik Buterin, Ethereums [ETH] co-founder. As expected, Jordin Baylina, technical lead of the Polygon Hermez zkEVM project, was also an active participant.

Realistic or not, heres MATICs market cap in ETHs terms

Known to have made its primary objective to scale Ethereum, Polygon considered the zero-knowledge (ZK) rollup as a viable solution to the delays experienced on its optimistic match. The idea behind it was to use the existing smart contracts power to reduce transaction costs while utilizing Ethereums network security.

In an exclusive press release sent to AMBCrypto, Polygon noted that the Ethereum founder would make the first transaction on the Mainnet. The projects co-founder, Mihailo Bjelic, who seemed elated in anticipation of the development and Vitaliks presence, said,

Todays launch is an incredible milestone and the beginning of a new chapter for blockchain technology, fulfilling Ethereums original promise of becoming a true world computer and creating a fairer, more egalitarian internet for all.

However, the ability to transact was not the only benefit that Polygon was offering. According to Baylina, the team was also open-sourcing the code. This would allow developers to collaborate and innovate within the community.

When asked how Polygon could achieve the milestone less than two years after ideation, the technical lead said that it was down to the teams dedication. Furthermore, he mentioned that the utilization of layers in the zkEVM architecture was vital to its fast execution.

Meanwhile, Vitalik was able to make the first successful transaction on the Mainnet in a few minutes. Here, he sent an ETH equivalent of $8.62 to the last address that opened a contract on the zkEVM network.

After the transaction, the Ethereum founder admitted that scalability was one of the projects limitations in the early days. But with glaring delight, he commented on the success of the Polygon landmark, saying,

Millions of constraints for man, unconstrained scalability for mankind.

Polygon also mentioned that over 50 web3 enterprises already showed an interest in joining the zkEVM. Some of these included Solana [SOL]-based Phantom, Etherscan, and Aavegotchi.

How much are 1,10,100 MATICs worth today?

The project had pointed out that transacting within the zkEM rollup would take only a matter of seconds. However, the web3 project also warned that users bridging Ethereum could encounter a 30 to 60 minutes delay in this first phase.

Also, there could be vulnerabilities that could hinder the seamless processing of large deposits within this period. Polygons president Ryan Wyatt commented on the deployment, noting that there was more to do with the ZK expansion in the long term.

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Polygon zkEVM Mainnet Beta in operation; Vitalik launches first live transaction - AMBCrypto News

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.

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 Buterins $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 coins 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 his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing

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Vitalik Buterin Records Largest Shiba Inu Transaction Ever - The Coin Republic

SUMMARY

Most cryptocurrencies gained on Wednesday. The global crypto market cap stood at $1.15 trillion, with a volume of $40 billion in the past 24 hours.

1 / 7

Bitcoin | The world's largest and most popular virtual currency, Bitcoin, gained 2.5 percent to $27,639.41. Its market value stood at $530.30 billion. The trade volume was at $18 billion.

2 / 7

"The SECs concerns about security tokens, and subsequent labeling of Ether as a commodity by CFTC has contributed to a price hike for ETH. This along with its founder Vitalik Buterin statement about Ethereum not being likely to be labeled as a security has seen ETH rise by 4%. Some of the top networks such as Cardano, Solana, and Polygon also saw a price increase. The exponential moving average for BTC indicates a Buy sentiment whereas major market oscillators continue to be neutral," said Rajagopal Menon, Vice President, WazirX, on the crypto market.

3 / 7

Ethereum | The second largest virtual currency, Ethererum or Ether, gained 4.4 percent to $1,794.07 with a market capitalisation of $219.55 billion. The trade volume of Ethereum was $8.7 billion in the last 24 hours.

4 / 7

Dogecoin | Meme-based virtual currency, Dogecoin, gained 2.27 percent. Its market value stood at $9.8 billion. The trade volume was at $269.09 million.

5 / 7

Solana | Solana gained 4.72 percent to $20.68 with a market capitalisation of $7.9 billion. The trade volume of Solana was $357.81 million in the last 24 hours.

6 / 7

Shiba Inu | Shiba Inu gained 2.18 percent with a market capitalisation of $6.2 billion. The trade volume was $151.19 million in the last 24 hours.

7 / 7

Polygon | Polygon jumped 4.86 percent with a market capitalisation of $9.88 billion. The trade volume was $335.90 million in the last 24 hours.

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Crypto Price Today: Bitcoin above 27k, Ethereum and most other tokens gain - CNBCTV18

Tomiwabold Olajide

Massive Shiba Inu (SHIB) burn by Ethereum creator Vitalik Buterin enters crypto history books

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Conor Grogan, a director at Coinbase, recently took to Twitter to provide a list of the most expensive crypto-transactions-by-chain that he was aware of. According to the list he supplied, the Ethereum network's $4.4 billion move between Binance wallets on May 7, 2022, took the top spot.

In the second spot, there was a $1.94 billion move by Binance to cold storage on Feb. 22.

In June 2018, Tron founder Justin Sun made a huge $1.46 billion transfer to the Huobi exchange. This took fourth place. Then in April 2020, $1.1 billion worth BTC moved from Bitfinex for the refill of its exchange hot wallet.

Among these noteworthy transactions is a transfer of $65.53 million worth of XRP from Bitso to Bithumb.

While all of these transactions have a place in history, none stands out compared to Ethereum co-creator Vitalik Buterin's massive 410 trillion Shiba Inu burn.

Grogan stated that if transactions to burn addresses are taken into consideration, Vitalik Buterin's $7 billion might be the biggest of all time. This even surpasses the $4.4 billion ETH move between Binance wallets previously stated. Grogan also says he did not include $13 billion worth of BETH burned back on June 7, 2022, in the list he provided for lack of clarity on the transaction.

In May 2021, Ethereum co-creator Vitalik Buterin burned 90% of his SHIB holdings, totaling around $7 billion, saying he did not want to be a locus of power of that kind. Buterin had been unwillingly gifted half of SHIB's total supply.

A stash of over 410 trillion tokens was sent to a dead blockchain address in a single transaction, removing them from circulation.

The remaining 10% was earmarked for charitable causes by the Ethereum co-creator.

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410 Trillion Shiba Inu (SHIB) Burn by Ethereum's Vitalik Buterin Might Be Biggest of All Time: Details - U.Today