Shibburn, a public blockchain tracker, has reported a significant drop in the Shiba Inu (SHIB) burn rate. Over the past 24 hours, the SHIB burn index declined by 23.40%. Despite the downturn, the SHIB community still managed to burn a sizable amount of tokens precisely 13,856,089 SHIB by sending them to dead-end wallets, rendering them permanently unspendable.
Top Three SHIB Burns Total Over 10.7 Million
The most notable burns included three large transactions. The largest single burn accounted for 10,741,310 SHIB. The next two major burns totaled 1,115,384 and 1,159,644 SHIB, respectively. These transactions continue to show the community’s commitment to reducing the circulating supply, even when burn rates fluctuate.
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Simultaneously, the broader cryptocurrency market experienced losses. Bitcoin, the leading digital asset, dropped nearly 2% over the past two days. It fell from above the $107,000 level down to $104,850. This downward movement led to a red day across most altcoins, including meme coins like SHIB.
Massive SHIB Transfer to Coinbase Institutional
Despite the burn rate slump, the market witnessed a significant transaction that suggests strong whale interest. Earlier today, Whale Alert, a well-known blockchain tracking platform, reported a massive Shiba Inu transfer involving 2,869,483,918,550 SHIB.
The anonymous sender moved this enormous sum to Coinbase Institutional, the institutional branch of the largest U.S.-based crypto exchange. The transferred SHIB was valued at $36.6 million at the time of the transaction.
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While such movements are often internal reshuffling by exchanges, this case was different. Coinbase acted only as the recipient, and the sender was an unidentified whale, indicating genuine investor interest. Although SHIB’s burn rate dropped significantly, the large-scale transfer to Coinbase Institutional introduces a positive element.
It suggests continued interest from large investors and possibly growing institutional adoption. Thus, while daily burns have slowed, whale activity could play a crucial role in supporting SHIB’s market position in the near term.
