Shiba Inu: Coinbase Burns 200 Million SHIB Tokens

Shiba Inu burns continue to take place on a regular basis. However, their magnitude has noted a slight reduction. For instance, over 2,915,482,121 SHIB tokens were burned over the past week. The same marks a 51.48% dip. Over the past day, however, a slight recovery has been noted, for the rate has registered a 1447.70% hike. Quite a few notable burns have taken place over the past day. One among them was a 200 million burn that was executed 13 hours ago.

Source: Shibburn

Also Read: Is Pepe Coin & Co. Helping DeFi Thrive?

The public name tag associated with the from address flashed the name “Coinbase 10” on-chain. Specifically, the wallet transferred a total of 200,583,666 SHIB to a dead wallet in one significant transaction.

A host of other transactions took place over the past day. The number of burned tokens ranged from 727k to 16.3 million.

The transaction involving the second-highest number of tokens was particularly interesting. A dormant wallet that was inactive for almost two years [520 days to be precise] abruptly woke up to burn its holdings via one single transaction. At press time, the wallet contents were worth only $3.17.

Source: Etherscan.io

Also Read: Dogecoin Whale Transfers ~$400 Million Worth DOGE

Shiba Inu price

Shiba Inu’s price has been relatively stagnant, despite the burns. As explained in a recent article, Shiba Inu’s circulating supply has remained almost the same since June last year, covertly pointing out why SHIB burns have a nearly negligible impact on the price of the asset.

Over the past day, Shiba Inu merely inclined by 0.1%. On Monday, May 29, SHIB was trading at $0.000008808. As pointed out in a recent article, SHIB’s price has slight room to glide up at the moment. Its next major resistance only lies around $0.000009. That’s the average price at which 24.38k addresses scooped up a whopping 23.2 trillion SHIB tokens. So, if the buying pressure gains steam and the broader market conditions favor it, then SHIB could note a brief uptick and gradually incline to the aforementioned average buy price over the short term.

Also Read: Shiba Inu: AI Predicts SHIB Price For June 1, 2023

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