Coinbase Ranks First in Shiba Inu (SHIB) Burns...144 Million Tokens Burned in 30 Days

▲ Shiba Inu (SHIB)/ChatGPT generated image

Coinbase, the largest cryptocurrency exchange in the U.S., burned approximately 144 million Shiba Inu (SHIB) tokens over the past month, becoming the top burner for the month.

According to crypto media outlet U.Today on September 30 (local time), data compiled by Shiba Inu burn tracking platform Shibburn shows that Coinbase transferred a total of 143,956,168 SHIB to a dead wallet for burning over the past 30 days, ranking first among single entities. This amount accounts for more than one-third of the 418.66 million SHIB burned across the entire ecosystem during the same 30-day period.

This large-scale burn is not a single, one-off transfer but rather is analyzed to be an accumulated sum from multiple transactions occurring during Coinbase's internal trading and wallet processing. Notably, an additional 47,419,390 SHIB moved from Coinbase-related wallets to the dead wallet in the last 24 hours alone, acting as a catalyst to boost the daily burn rate by 154.33% on that day.

The Shiba Inu community is closely watching these burn activities by a major exchange as a key deflationary signal, given that they continuously reduce the circulating supply. Out of the total initial supply of 1,000 trillion tokens, the total amount burned so far has exceeded 410.8444 trillion SHIB, which accounts for 41.08% of the total supply.

Market experts diagnosed that while Coinbase's burning activity boosted the short-term burn rate, given the circulating supply of hundreds of trillions of tokens, it is limited to expect an immediate price surge from burn events alone. Along with the scarcity narrative driven by burning, whether the Layer 2 network Shibarium's actual transaction volume activates is considered a key variable that will determine Shiba Inu's mid-to-long-term rebound.

[Key Article Summary]

-Coinbase burned 143,956,168 SHIB over the past 30 days, ranking first in monthly burns.

-An additional 47.41 million SHIB were burned in the last 24 hours, causing the daily burn rate to surge by 154.33%.

-While 41.08% of the total supply has been burned, whether this translates into actual price traction relative to the circulating supply depends on Shibarium's utilization.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*