Robinhood and Coinbase Contribute to Half Billion SHIB Burn

Shiba Inu (SHIB) saw a significant reduction in its circulating supply in August, thanks to major cryptocurrency exchanges Robinhood and Coinbase. The two platforms accounted for over half of the 588 million SHIB tokens that were sent to dead wallets during the month.

According to data from Burnalytics, Robinhood was responsible for 39.04 million SHIB burned across 101 transactions, while Coinbase sent another 17.28 million SHIB to a dead wallet through 11 transactions. Together, their activity placed them among the top 10 identified SHIB burners for the month.

However, despite this reduction in supply, SHIB's price action remains subdued. The token has fallen nearly 4% over the past week and is currently trading at $0.000005113, reflecting a 0.44% drop over the past 24 hours.