Coinbase Leads the Way in Burning 40.87 Million Shiba Inu (SHIB) Token

Shiba Inu experienced a significant decrease in its burn rate as more than 40.87 million SHIB tokens were destroyed. A wallet associated with Coinbase emerges as the leading contributor to the burning of SHIB tokens on that particular day.

According to Shibburn.com data, the Shiba Inu Community has successfully burned a total of 40,877,932 (40.87M) SHIB tokens through twelve different transactions within the last 24 hours.

In the past 24 hours, there have been a total of 40,877,932 $SHIB tokens burned and 12 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more.
— Shibburn (@shibburn) May 25, 2023

The current burn rate of Shiba Inu has experienced a significant decline of -97.30% compared to the previous day. On the previous day, an astonishing 1,350,604,128 (1.35B) SHIB tokens were permanently removed from circulation through numerous transactions carried out by hundreds of individuals.

The largest burn transaction of the day originates from the wallet associated with Coinbase, identified as “Coinbase 10”. In a transaction approximately 5 hours ago, the wallet sent an impressive amount of 14,628,437 (14.62M) SHIB tokens to the designated burn address.

🔥 14,628,437 $SHIB -> transferred to dead wallet. https://t.co/RNzXt99ZEB
— Shibburn (@shibburn) May 24, 2023

With the inclusion of this noteworthy burn transaction, the cumulative count of SHIB tokens burned within the last 7 days has reached 2,688,277,511 (2.68B).

BitPay To Aid Shiba Inu Payments Globally

In contrast, the mainstream acceptance of Shiba Inu is steadily increasing. According to a previous report, Brave Wallet, a cryptocurrency wallet that supports multiple blockchains, has partnered with BitPay. This collaboration aims to enable Shiba Inu payments at more than 250 merchants globally.

Furthermore, LunarCrush, a prominent social intelligence platform, has recently included support for SHIB on its trading platform, LunarCrush Trade.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.