In a significant event, the Shiba Inu burn rate has skyrocketed by 28,145%, triggered by a Coinbase user burning over 96 million SHIB tokens. The transaction, highlighted by Shibburn, a community-driven burn tracker, caught the attention of the Shiba Inu community.
The unknown wallet, which had been inactive for 154 days, burned 96,086,320 SHIB in a single transaction. According to Shibburn, the burn occurred yesterday at 21:19 (UTC). Etherscan data reveals that this wallet has previously received funds from Coinbase, suggesting that the wallet’s owner might be a Coinbase user. The wallet’s last transaction before this burn was on March 28, 2024, when it swapped 0.2839 ETH ($715) on THORChain. Following this, the wallet remained dormant until it executed the recent SHIB burn.
Largest Single SHIB Burn in Two Months
This burn marks the largest single SHIB burn recorded in over two months. The last significant burn of this magnitude happened on June 30, 2024, when an anonymous wallet incinerated 290.43 million SHIB tokens.
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Within the past 24 hours, the Shiba Inu community collectively burned 96,434,994 SHIB in two separate transactions. In addition to the 96.08 million SHIB burned by the Coinbase user, another anonymous wallet incinerated 348,673 SHIB at 17:21 (UTC) yesterday. These transactions led to the dramatic spike in the burn rate compared to the previous day.
Shibburn
Ongoing Efforts to Reduce SHIB Circulating Supply
These burns are part of a broader effort to significantly reduce Shiba Inu’s circulating supply. So far, the Shiba Inu community, including Ethereum co-founder Vitalik Buterin, has burned a total of 410.72 trillion SHIB tokens.
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While individual investors continue to burn SHIB, the Shiba Inu ecosystem team is also making strides to remove more tokens from circulation. This includes burning a portion of transaction fees generated from Shibarium usage. As Shibarium adoption increases, these burns are expected to rise.
Recently, the team introduced ShibTorch, a burn portal that automates Shibarium-powered burns, and launched the Shiba Inu Developer Portal (ShibDev), providing tools for developers to build on Shibarium. These initiatives are likely to drive further burns as the Shiba Inu network continues to grow.
