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Coinbase has emerged among the top Shiba Inu (SHIB) burners for the month, with over 152.3 million SHIB sent to dead addresses in the last 30 days, according to Shibburn.
Among the top burners in the last 30 days, Coinbase sits in the second spot, just below the '0xc774406cc' address, which sent 297,572,672 SHIB to dead wallets in just one transaction.
The SHIB tokens burned did not come in one lump sum but rather from various burn transactions that may have originated from Coinbase transactions and trading fees.
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152,307,330 SHIB burned in 9 transactions was attributed to Coinbase in the last 30 days, when a total of 758.92 million was burned, according to the Shibburn page. Tokens sent to recognized burn addresses, often called dead wallets, are generally considered permanently inaccessible, effectively removing those tokens from the circulating supply.
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Coinbase's emergence among the top monthly burners does not, by itself, establish that the exchange deliberately initiated a token-burning campaign, but rather from transactions and trading fees.
SHIB burn rate surges 100%
Over 61 million SHIB tokens have been burned in the last 24 hours, causing an uptick in the daily burn rate. According to Shibburn, 61.46 million SHIB were sent to dead wallets in this timeframe, with the daily burn rate rising 100%.
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This marks a rebound from that seen earlier in the week when the burn rate flattened after a collapse on October 11. In line with this, the weekly burn rate was down 59.25% in the last seven days, with 163.52 million SHIB burned, while the monthly burn rate increased 79.30%.
At the time of writing, SHIB price was down 2.36% in the last 24 hours to $0.000005015 following a broader crypto market selloff as investors reacted to a week of strong inflation data, with Thursday's producer price index showing that wholesale prices jumped 6.3% annually in September, the biggest gain since 2022. This came after Wednesday's release of the consumer price index, which also rose.
Federal Reserve Chair Kevin Warsh declined to signal the central bank's intentions for its meeting later this month, with the odds of an October interest-rate increase dropping to about 15% from about 30%.