Shiba Inu's token burn initiative continues at a steady pace, though recent data indicates a slight decline in intensity. Over the past week, more than 2,915,482,121 SHIB tokens were burned, marking a 51.48% drop compared to previous weeks. However, the last 24 hours saw a sharp rebound, with burn rates surging by 1,447.70%.
Notable Burn Transactions
200 Million SHIB Burn by Coinbase
One standout event occurred 13 hours ago, when a wallet labeled "Coinbase 10" transferred 200,583,666 SHIB to a dead wallet. This single transaction accounted for a significant portion of the day’s total burns.
Other Key Burns
- Smaller transactions ranged from 727k to 16.3 million SHIB.
- A dormant wallet, inactive for 520 days, suddenly woke up to burn its remaining tokens (worth $3.17 at the time of writing).
Shiba Inu Price Stagnation
Despite the burns, SHIB’s price remains stagnant. Key observations:
- Circulating supply has remained nearly unchanged since June 2023.
- Current price: $0.000008808 (as of May 29).
- Minor resistance expected at $0.000009, where 24.38k addresses hold an average of 23.2 trillion SHIB.
Price Outlook
If market conditions improve and buying pressure increases, SHIB could briefly rally toward the $0.000009 resistance level.
FAQ: Shiba Inu Burns and Price
Q: Why hasn’t SHIB’s price increased despite massive burns?
A: The circulating supply is still too large for burns to impact price significantly. Increased adoption or reduced supply is needed for meaningful price movements.
Q: How does Coinbase participate in SHIB burns?
A: Coinbase (or associated wallets) occasionally sends tokens to dead addresses, reducing supply permanently.
Q: What’s the long-term outlook for SHIB?
A: While burns help scarcity, SHIB’s utility and broader crypto market trends will play a larger role in its future value.
👉 Explore more about tokenomics and market trends
Disclaimer: This content is for informational purposes only and does not constitute financial advice.
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