In a striking development over the past 30 days, Coinbase has emerged as the leading contributor to Shiba Inu burns, significantly impacting the overall supply reduction of this cryptocurrency. Shibburn, a community-driven platform tracking Shiba Inu burns, reports that the exchange transferred 143.95 million SHIB to inaccessible wallets. During the same period, the total burn amounted to 418.66 million SHIB.
Coinbase’s Substantial Role in Shiba Inu Burns
An analysis of these data reveals that approximately one-third of the total Shiba Inu burn in the last month originated from Coinbase-affiliated transactions. In the Shiba Inu ecosystem, burning entails the permanent removal of tokens from circulation by transferring them to wallets with unknown private keys. The 143.95 million SHIB associated with Coinbase were not moved in a single transaction but were periodically burned in batches. These actions are thought to be linked to trading activities and transaction fees on the platform. All transfers remain trackable on the blockchain, and Shibburn meticulously reports the movements.
Shibburn data indicate that 143.95 million out of the 418.66 million SHIB burned over the past 30 days can be traced back to Coinbase-linked transactions.
Disparity between Daily and Weekly Burn Rates
In the last 24 hours alone, a total of 68.29 million SHIB were burned, with Coinbase accounting for 47.42 million SHIB of these. According to Shibburn’s figures, the daily burn rate has climbed by 154.33%. However, the total SHIB burned over the past week stood at a modest 86.75 million, marking a 22.29% decline on a weekly basis. This indicates a faster pace of daily transactions, though the weekly cumulative burn remains below previous levels.
Shiba Inu’s price has also slightly retreated by 0.07% over the last day amidst a generally subdued mood across wider cryptocurrency markets. Investors’ focus is now firmly on metrics closely monitored by the U.S. Federal Reserve, particularly the inflation index.
During their September meeting, Fed officials incrementally raised the policy rate by 25 basis points, foreshadowing a potential further hike before year-end. The upcoming data release on Wednesday is anticipated to show little to no change in the annual inflation rate, which consistently exceeds the Federal Reserve’s 2% target.
On the technical front, Shiba Inu presents noteworthy chart dynamics. The convergence of its 50-day and 200-day moving averages could signal an impending golden cross. If confirmed, it would mark the first such occurrence for SHIB since 2024.
The approaching convergence of the 50-day and 200-day moving averages spotlights the potential for Shiba Inu’s first golden cross in two years.
The last instance of a golden cross in Shiba Inu occurred around two years ago, culminating in a sharp price spike to $0.0000334 by December 2024 following the November occurrence.
