thecryptobasic.com
A Coinbase user has burned more than 140 million Shiba Inu tokens in one transaction, marking the biggest single incineration reported in nearly three months.
Community-driven burn tracker Shibburn called the public’s attention to the transaction, which occurred yesterday, on October 15, at approximately 20:14 (UTC).
Notably, an anonymous address, 0x27d…fe606, transferred 140,033,123 (140.03 million) Shiba Inu tokens to the dead wallet. This action permanently removes the tokens from the circulating supply.
Burn Rate Spikes 222%
Meanwhile, the transaction made a notable impact on Shiba Inu’s burn activity over the past day. Data from Shibburn shows that a total of 140.39 million SHIB were destroyed across nine transactions, pushing the daily burn rate up by 222.84%.
Overall, a total of 410.75 trillion SHIB have gone up in flames, with Ethereum co-founder Vitalik Buterin contributing significantly to the deflationary efforts.
Biggest Single Burn in Nearly 3 Months
The 140.03 million SHIB burn also marks the largest single incineration in nearly three months. The last comparable event occurred on July 28, when an anonymous user burned 600.7 million SHIB. Since then, individual burns have stayed below 100 million until this recent transaction, where a Coinbase-linked user sent over 140 million SHIB to the dead wallet.
In the meantime, Shiba Inu still maintains an enormous supply of around 589.25 trillion tokens. The supply has remained almost unchanged over the past few years, with little progress made since Buterin sent around 410 trillion to the burn contract.
Meanwhile, the latest burn was not enough to drive SHIB’s price higher. SHIB has plunged 3% over the past 24 hours and currently trades at $0.00001039 per token.
Notably, Shiba Inu’s price is still reacting to the broader market downturn, as major assets like Bitcoin and Ethereum are also down 0.6% and 1.76%, respectively.