Coinbase has become the largest player in the process of burning Shiba Inu (SHIB) tokens over the past 30 days, transferring 143,956,168 SHIB to dead wallets. In total, 418.66 million SHIB were burned during this period, with Coinbase's share accounting for nearly one-third of the total amount. The burning of SHIB tokens is a process in which tokens are permanently removed from circulation by sending them to inaccessible addresses. The mentioned 143,956,168 SHIB were not sent in a single transaction but came from numerous operations that may arise from Coinbase transactions and trading fees. These burn transactions are sent to "dead wallets," which are inaccessible, and are recorded on the blockchain. Information about these operations is published on specialized resources such as Shibburn.
The Shiba Inu community closely monitors the burning process, especially from major platforms, as it helps gradually reduce the circulating supply of the token. In the last 24 hours, 68.29 million SHIB were burned, of which 47,419,390 SHIB came from Coinbase. The daily burn rate increased by 154.33%. Over the past week, 86.75 million SHIB were burned, which is a relatively small amount compared to the previous week when the burn rate dropped by 22.29%.
Amid general trends in the cryptocurrency market, Shiba Inu decreased by 0.07% over the past 24 hours. The main focus is on the release of inflation data from the Fed, which is expected on Wednesday and is anticipated to show slight changes in the annual rate, which still significantly exceeds the central bank's target level of 2%. If confirmed, this will be the first golden cross for Shiba Inu in 2026, as the 50 and 200 moving average lines are preparing to meet. The last such sign was recorded about two years ago. The last visible golden cross occurred in November 2024, and in December of the same year, the token reached a high of $0.0000334.
Related articles
