Robinhood and Coinbase Send Half Billion SHIB to Dead Wallets

Shiba Inu (SHIB) has seen over half a billion tokens sent to dead wallets in August, according to data from Burnalytics. The reduction comes as SHIB struggles with selling pressure and lack of momentum.

The majority of the burned SHIB came from major cryptocurrency exchanges Robinhood and Coinbase. Robinhood accounted for 39.04 million SHIB across 101 transactions, while Coinbase sent another 17.28 million SHIB to a dead wallet through 11 transactions. Together, the two exchanges were responsible for more than 56 million SHIB in August's burn total.

However, this figure is significantly lower than the previous month, when approximately 3.24 billion SHIB was destroyed. The community's ability to destroy tokens has slowed down, leaving questions about whether these burns are large enough to have a meaningful effect on SHIB's price.