+388% Shiba Inu: 102,261,199 Tokens Disappear

Data provided by the public wallet tracker Shibburn shows that the Shiba Inu burn rate has increased by more than 388% after a massive amount of meme coins was burned recently.

However, while the weekly burns have soared, the daily burn rate dropped into the red.

$SHIB burns rise by 388%

According to the aforementioned on-chain data source, over the past week, the $SHIB community has managed to dispose of 102,261,199 $SHIB in total by locking them in unspendable wallets and thus pushing the weekly burn rate 388.73% up.

The largest transfer to a dead-end wallet took place three days ago, removing 85,795,990 $SHIB from the circulating supply.

As for the daily burns, over the past 24 hours, this metric has gone down by 58.88% with 3,772,366 $SHIB incinerated in virtual furnaces.

3 trillion $SHIB leaves Coinbase Institutional

Prominent blockchain sleuth Whale Alert, which tracks down large cryptocurrency transactions, has spotted a mammoth amount of $SHIB leaving the institutional branch of the largest cryptocurrency exchange in the US – Coinbase Institutional.

3,000,000,000,000 $SHIB were transferred from a wallet belonging to that platform to an unknown blockchain address. This was the equivalent of $38,244,000 in fiat. In the comments, a heated discussion started as to the nature of this transaction.

Some X users believe that this could indicate either a strategic accumulation of meme coins by an institutional investor or it could be Coinbase Institutional reshuffling its own $SHIB supplies, moving them between its own wallets.