Coinbase Leads the Way in Burning 40.87 Million Shiba Inu (SHIB) Token

What Could be Behind the 370% Increase in Shiba Inu's Burning in May?

Shiba Inu experienced a significant decrease in its burn rate as more than 40.87 million SHIB tokens were destroyed. A wallet associated with Coinbase emerges as the leading contributor to the burning of SHIB tokens on that particular day.

According to Shibburn.com data, the Shiba Inu Community has successfully burned a total of 40,877,932 (40.87M) SHIB tokens through twelve different transactions within the last 24 hours.

The current burn rate of Shiba Inu has experienced a significant decline of -97.30% compared to the previous day. On the previous day, an astonishing 1,350,604,128 (1.35B) SHIB tokens were permanently removed from circulation through numerous transactions carried out by hundreds of individuals.

The largest burn transaction of the day originates from the wallet associated with Coinbase, identified as “Coinbase 10”. In a transaction approximately 5 hours ago, the wallet sent an impressive amount of 14,628,437 (14.62M) SHIB tokens to the designated burn address.

With the inclusion of this noteworthy burn transaction, the cumulative count of SHIB tokens burned within the last 7 days has reached 2,688,277,511 (2.68B).

Related article: Shiba Inu Development Team Unveils Estimated Timeline for Shibarium Mainnet Debut

BitPay To Aid Shiba Inu Payments Globally 

In contrast, the mainstream acceptance of Shiba Inu is steadily increasing. According to a previous report, Brave Wallet, a cryptocurrency wallet that supports multiple blockchains, has partnered with BitPay. This collaboration aims to enable Shiba Inu payments at more than 250 merchants globally.

Furthermore, LunarCrush, a prominent social intelligence platform, has recently included support for SHIB on its trading platform, LunarCrush Trade.

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