Over 152 Million SHIB Burned Via Coinbase Activity in 30 Days as Daily Burn Rate Rebounds
More than 152.3 million Shiba Inu (COINBASE:SHIBUSD) tokens were transferred to dead wallets across nine transactions linked to Coinbase over the past 30 days. These token burns originated from trading fees and user activity rather than an intentional corporate initiative by the exchange. The activity positioned Coinbase as the second-largest burner of the cryptocurrency over the last month, behind a single wallet address that removed 297.57 million tokens in one transaction.
Sending tokens to dead addresses removes them permanently from circulating supply, with 758.92 million SHIB destroyed over the past month. Despite a 59.25% decline in weekly burns, the daily burn rate jumped 100% in 24 hours as 61.46 million tokens were removed from circulation. However, token burning did not prevent price declines, as broader cryptocurrency markets faced selling pressure following stronger-than-expected economic inflation reports.
Investors are continuing to evaluate macroeconomic conditions alongside token supply dynamics. September wholesale inflation rose 6.3% annually, reducing the estimated probability of an October Federal Reserve interest rate increase to 15%. Market participants will be watching how broader monetary policy developments and crypto market sentiment impact prices moving forward.
Key points
- Over 152.3 million SHIB tokens were sent to dead wallets via Coinbase trading fees and transactions over the last 30 days.
- Total SHIB burned across all sources reached 758.92 million over the past month, permanently reducing circulating supply.
- Daily burn rates doubled in 24 hours with 61.46 million tokens destroyed, even as weekly burn totals fell 59.25%.
- SHIB prices fell alongside broader crypto markets following high U.S. inflation data and shifting Federal Reserve interest rate outlooks.
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How we writeDisclaimerQuestions and answers
How many Shiba Inu tokens were burned through Coinbase over the past month?
Over 152.3 million SHIB tokens were sent to dead wallets across nine transactions linked to Coinbase trading fees and user activity over 30 days, making Coinbase the second-largest monthly burner.
What is the current daily burn rate for Shiba Inu?
The daily SHIB burn rate jumped 100% in 24 hours, with more than 61.46 million tokens sent to dead addresses. Over the past month, a total of 758.92 million SHIB tokens have been burned.
Why did the SHIB price decline despite the increase in token burning?
Shiba Inu fell alongside broader crypto markets as investors reacted to higher U.S. inflation metrics, including a 6.3% annual increase in September producer prices, which pressured risk assets.