SHIB Burn Rate Surges 17,134.60% in 24 Hours, But Coinbase Transfer Raises Questions
SHIB, a popular meme-based cryptocurrency, experienced a significant spike in its burn rate, according to Shibburn's records. The 24-hour burn rate rose by 17,134.60%, with a reported total of 2,976,589 SHIB, worth approximately $17. However, the largest contributor to this increase was a single transfer from an address labeled Coinbase, which accounted for nearly 88% of the reported daily burn. The transfer, valued at $14.97, sent 2,622,378 SHIB to a 0x95ad...c4ce address.
It's essential to note that the distinction between a transfer and a burn is crucial. A transfer from an exchange-associated address to another address may not necessarily reduce SHIB's circulating supply. The available evidence does not confirm that the Coinbase transfer reduced SHIB's supply, and it's possible that the transfer was part of temporary routing or exchange activity.
Shibburn's live counter later showed 2,797,301 SHIB burned over a different 24-hour window, valued at $16. The wider records, which span 7 and 30 days, also show modest burns in dollar terms. Coinbase was the largest burner in Shibburn's 30-day ranking, with 17 transactions and 159,269,402 SHIB valued at $900.87.