One Coinbase user just blazed over 140 million Shiba Inu coins (SHIB) in one go, making the largest yearly burn. Aimed at deflating the popular meme coin’s supply, Shiba Inu (SHIB) burn technique is mostly manual, done by volunteer crypto enthusiasts by sending funds to null crypto wallet addresses.
222% Burn Rate Uptick Restores Hope After Shibarium Hack
This has pushed Shiba Inu’s (SHIB) daily burning rate up by 222%, while the weekly rate saw a 335% boost due to the Good Samaritan’s burning deed. With this deflationary milestone, SHIB’s remaining supply sits at 585.2 trillion, erasing 4 trillion over the past few years.
Just last year, the Shibarium team’s implementation of the auto-burn mechanism contributed to billions in burns via Bone ShibaSwap (BONE), the Layer-2’s gas fee token that’s later swapped to SHIB for burns. However, the automated process heavily relies on the usage of Shibarium L2, which lately witnessed several hiccups, most notably the 4M BONE hack.
As Uptober Turns Its Back On Shiba Inu, 5th Zero Storms In..
Even though the drained Bone ShibaSwap (BONE) coins were recouped, transaction activity stood quietly this month. Despite the ‘Uptober’ expectations, Shibarium’s users weren’t rushing to join the festivities, accounting for less than 7K in daily transactions on most days. On a brighter note, 19.62K transactions were registered yesterday, mimicking late September levels.
If that constitutes Shibarium’s functionality is back in smooth operation, the mainstream canine meme coin’s price paints a completely different picture. With a $158.8 million in trading volume on Spot markets this Thursday, Shiba Inu (SHIB) is now dangerously close to dwindling below $0.0000100, a multi-year support level that served as a rebound floor during last Friday’s dip.
Check out DailyCoin’s currently-trending crypto scoops:
BitMine Adds $418M in ETH as Crypto Faces Short-Term Dip
Stripe’s USDC Boom Hits Coinbase’s Base Chain & Polygon
People Also Ask:
A Coinbase user burned 140 million SHIB tokens in one transaction, the largest single burn in about a year, aiming to reduce supply and potentially increase value.
Burning SHIB removes tokens from circulation, creating scarcity. This can boost the token’s value if demand remains steady or grows, aligning with the project’s strategy to manage supply.
Despite the burn, SHIB’s price dipped 3% to $0.00001039 due to broader market trends. Burns alone don’t guarantee price rises; market sentiment and demand also play key roles.
An anonymous Coinbase-associated wallet, 0x27d…fe606, executed the burn. The wallet now holds only 0.002 ETH, worth about $9, after the transaction.
The burn signals community commitment to reducing supply, but SHIB’s future depends on market dynamics, investor sentiment & broader crypto trends.
