Shiba Inu Burn Rate Skyrockets by 28145% as Dormant Coinbase User Burn 96M SHIB
In a recent event, an unidentified wallet conducted a massive burn of 96.08 million SHIB in a single transaction, drawing attention from the Shiba Inu community-driven burn tracker Shibburn. The transaction took place at 21:19 (UTC) yesterday, with data indicating that the wallet might be associated with a Coinbase user based on previous fund transactions from the exchange.
Notably, the wallet had been dormant for 154 days prior to the significant SHIB burn. Its last activity was on March 28, 2024, when it was used to swap 0.2839 ETH on THORChain. This period of dormancy ended abruptly with the burning of 96.08 million SHIB tokens.
Massive SHIB Burn
This transaction stands as the largest single SHIB burn recorded in over two months. Previously, the wallet received a substantial number of SHIB tokens on June 30, 2024, when an anonymous wallet burned 290.43 million SHIB tokens.
Additional 96.08M SHIB Burn
In addition to the 96.08 million SHIB burn by the Coinbase-associated wallet, another anonymous wallet burned 348,673 SHIB, bringing the total SHIB incineration over the past 24 hours to 96.43 million tokens. This remarkable spike in burn rate represents a 28,145% increase from the previous day’s record.
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These burns form part of a concerted effort to significantly reduce Shiba Inu’s circulating supply, with the community, along with Ethereum co-founder Vitalik Buterin, having already burned a substantial 410.72 trillion SHIB.
Looking Ahead and Future SHIB Burn
There are further efforts to reduce the circulating supply, including burns generated from Shibarium transaction fees. With the introduction of the ShibTorch burn portal and the Shiba Inu Developer Portal (ShibDev), which offers essential tools for building on Shibarium, it’s anticipated that the number of decentralized applications on the L2 network will increase, leading to even more burns.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
