Coinbase Wallet Burns 140 Million Shiba Inu Tokens in Largest Move

A Coinbase-linked wallet sent 140,033,123 Shiba Inu tokens to a burn address on October 15. This removed the coins from circulation, marking the largest single burn in nearly three months.

The transfer was executed by a newly created wallet, funded by a Coinbase-associated address.
This action increased the daily burn rate by 222%, according to Shibburn.
Despite the burn, Shiba Inu's total supply remains vast at roughly 589 trillion tokens.
Price impact was minimal, with SHIB trading around $0.00001049 and slipping only 0.15% over the prior 24 hours.

Market analysts note that ongoing burns are part of community-led efforts but emphasize that they have limited impact on the overall supply due to its massive scale. The event adds to the narrative of deflationary actions, including those via Shibarium Layer-2.

Observers are monitoring whether similar large-scale burns will follow, as this and other efforts continue to engage holders without altering the market trend significantly.