Shiba Inu burn rate spikes 28,145% as a Coinbase user destroys over 96 million SHIB tokens.

In a startling development, an unknown wallet burned 96,086,320 (96.08 million) SHIB in a single transaction. As usual, the renowned Shiba Inu community-driven burn tracker Shibburn called attention to the latest transaction via an X post today.

Data from Shibburn shows that the transaction occurred yesterday at 21:19 (UTC). Further investigation into the wallet suggests that its owner might be a Coinbase user. According to Etherscan data, the wallet has received funds from the San Francisco-based crypto exchange several times.

Wallet Ends 154 Days Dormancy to Burn SHIB

Meanwhile, before the latest transaction, the wallet had been inactive for 154 days. Its last transaction before the hefty SHIB burn was recorded on March 28, 2024, when it was used to swap 0.2839 ETH ($715) on THORChain.

Afterward, the wallet remained inactive until seven hours ago, when it burned 96.08 million SHIB tokens.

Largest Single Shiba Inu Burn in 2 Months

This transaction represents the largest single SHIB burn recorded in over two months.

The last time the dead wallet received a huge amount of Shiba Inu tokens in one transaction was June 30, 2024, exactly two months ago. At the time, an anonymous wallet burned 290.43 million SHIB tokens.

Shiba Inu Community Burns 96.43 Million SHIB

Meanwhile, with the hefty burn indexed by Shibburn, a total of 96,434,994 (96.43 million) SHIB have been incinerated over the past 24 hours.

The Shiba Inu community burned these tokens in two transactions. In addition to the 96.08 million SHIB burn initiated by the Coinbase user, another anonymous wallet incinerated 348,673 SHIB yesterday at 17:21 (UTC).

Following the latest transactions, Shiba Inu’s burn rate spiked by 28,145% from the previous day’s record.

Shibburn

It bears mentioning that the recent burns are part of a larger effort to drastically reduce Shiba Inu’s circulating supply. So far, the community, alongside Ethereum co-founder Vitalik Buterin, has burned 410,728,175,054,701 (410.72 trillion) SHIB.

More Burns on the Horizon

Although individual investors have been burning SHIB, Shiba Inu’s ecosystem team has also made significant efforts to remove more tokens from circulation.

This involves burning a part of transaction fees generated from Shibarium use. As more people use Shibarium, these burns could skyrocket tremendously. The Crypto Basic reported that the team recently introduced a burn portal, ShibTorch, to automate Shibarium-powered burns.

It also launched the highly anticipated Shiba Inu Developer Portal (ShibDev), which provides developers with essential tools to build on Shibarium. This initiative is expected to increase the number of decentralized applications on the L2 network and drive its adoption, ultimately leading to more burns.