Shiba Inu: 200 million SHIB tokens are burned by Coinbase
Shiba Inu burns are still happening often. However, there has been a minor decline in their magnitude. For instance, within the past week, over 2,915,482,121 SHIB tokens were burned. The same shows a decline of 51.48%. However, there has been a small improvement over the last day, as the rate has increased by 1447.70%. Over the previous day, quite a few notable burns have occurred. One of them took place 13 hours ago and involved a 200 million burn.
The name "Coinbase 10" flashed on-chain in the public name tag connected to the from address. In one important transaction, the wallet transferred a total of 200,583,666 SHIB to a dead wallet.
The previous day saw a plethora of such transactions. 727k to 16.3 million tokens were burned in total.
Particularly intriguing was the deal involving the second-largest amount of tokens. A wallet that had been idle for over two years [520 days to be exact] suddenly woke up and burned all of its assets in a single transaction. The contents of the wallet were only worth $3.17 as of publication.
Update on shiba price
Despite the burns, the Shiba Inu's price has stayed pretty much the same. Shiba Inu's circulating supply has essentially not changed since June of last year, as stated in a recent article, subtly demonstrating why SHIB burns have a minuscule effect on the asset's price.
Shiba Inu barely changed direction yesterday, dipping 0.1%. SHIB was trading at $0.000008808 on Monday, May 29. According to a recent article, there is currently some room for SHIB's price to slightly increase. The only significant barrier left is only at $0.000009. That is the average price at which 23.2 trillion SHIB coins were purchased by 24.38k addresses. Therefore, if the purchasing pressure picks up and the overall market environment is favorable, SHIB could note