The rate of Shiba Inu token burn skyrocketed by 28,145% after a Coinbase user destroyed over 96 million SHIB tokens.
In a stunning development, an unknown wallet burned 96,086,320 (96.08 million) SHIB in a single transaction. As usual, the well-known Shiba Inu community-run burn tracker Shibburn brought attention to the latest transaction via an X-post today.
Shibburn data shows that the transaction took place yesterday at 21:19 (UTC). Further investigation of the wallet suggests that it may be owned by a Coinbase user. According to Etherscan data, the wallet has received funds from the San Francisco-based crypto exchange on multiple occasions.
Wallet ends 154-day inactivity period to burn SHIB
Meanwhile, the wallet had been inactive for 154 days before the latest transaction. Its last transaction before the massive SHIB burn was on March 28, 2024, when it was used to exchange 0.2839 ETH ($715) for THORChain.
After that, the wallet remained inactive until seven hours ago, when it burned 96.08 million SHIB tokens.
Largest Shiba Inu Burned in 2 Months
This transaction represents the largest single SHIB burn recorded in the last two months.
The last time a dead wallet received a huge amount of Shiba Inu tokens in a single transaction was on June 30, 2024, exactly two months ago. At that time, an anonymous wallet burned 290.43 million SHIB tokens.
Shiba Inu Community Burns 96.43 Million SHIB
Meanwhile, taking into account the large-scale burning indexed by Shibbern, a total of 96,434,994 (96.43 million) SHIBs were burned in the last 24 hours.
The Shiba Inu community burned these tokens in two transactions. In addition to the 96.08 million SHIB burn initiated by a Coinbase user, another anonymous wallet burned 348,673 SHIB yesterday at 17:21 (UTC).
After the latest transactions, the Shiba Inu burn rate jumped 28,145% compared to the previous day’s record.
It’s worth noting that the recent burns are part of a larger effort to drastically reduce the circulating supply of Shiba Inu. So far, the community, along with Ethereum co-founder Vitalik Buterin, has burned 410,728,175,054,701 (410.72 trillion) SHIB.
New burns on the horizon
While individual investors have been burning SHIB, the Shiba Inu ecosystem team has also made significant efforts to remove more tokens from circulation.
This involves burning a portion of the transaction fees earned from using Shibarium. As more people use Shibarium, these burns could increase dramatically. Crypto Basic reported that the team recently introduced a ShibTorch burn portal to automate burns using Shibarium.
The long-awaited Shiba Inu Developer Portal (ShibDev) has also been launched, providing developers with the necessary tools to develop on Shibarium. This initiative is expected to increase the number of decentralized applications on the L2 network and promote its adoption, which will ultimately lead to more burns.
