TL;DR
- A Coinbase-linked user burned over 140 million Shiba Inu tokens in a single transaction, marking the largest individual SHIB burn in nearly three months.
- The action boosted the daily burn rate by 222%, contributing to ongoing deflationary efforts for the cryptocurrency.
- Despite the scale of the burn, the SHIB price remained largely stable, reflecting the broader cryptocurrency market trends.
A Coinbase user has executed a significant move in the Shiba Inu ecosystem by burning over 140 million SHIB tokens in a single transaction on October 15. This represents the largest individual SHIB burn in almost three months and immediately increased the daily burn rate, highlighting continued efforts to reduce SHIB’s circulating supply. The move also caught the attention of investors and analysts tracking deflationary activity, sparking discussions across several crypto-focused forums about long-term SHIB tokenomics and potential future burns.
Coinbase-Linked Wallet Executes Historic Burn
According to Shibburn, the transaction came from a newly created wallet identified as 0x27d…fe606, which received its tokens from a wallet linked to Coinbase. The full 140 million SHIB were sent to a dead wallet, permanently removing them from circulation. Blockchain data shows the wallet now holds only 0.002 ETH, about $9, indicating it was used solely for this burn. Additional analysis suggests that whales and institutional participants may continue experimenting with similar deflationary actions to influence supply gradually over time.
The single burn significantly impacted SHIB’s daily deflation metrics, with total burns across nine transactions reaching 140.39 million tokens in 24 hours. This represents a 222% increase in the daily burn rate, marking one of the most impactful individual burns in recent SHIB history. Past major burns, including Vitalik Buterin’s in 2021, have contributed to the 410.75 trillion SHIB permanently removed, but single-user burns of this magnitude are rare. Analysts note that smaller daily burns combined with occasional large burns are becoming an effective strategy to manage supply.
Market Response And Supply Dynamics
Despite this massive deflationary move, SHIB’s price remained largely unchanged, trading at $0.00001049 at the time of the burn, with only a minor decline of 0.15% in the past 24 hours. Bitcoin and Ethereum also recorded modest losses, reflecting broader market trends rather than reactions to the burn.
Shiba Inu’s total circulating supply still sits around 589.25 trillion tokens, showing that even large burns have limited impact on the overall supply. This event follows ongoing deflationary initiatives, including Shibarium Layer-2 burns via Bone ShibaSwap, which have collectively destroyed billions of SHIB tokens.
