A Coinbase user has carried out one of the largest Shiba Inu burns in recent months, permanently removing more than 140 million tokens from circulation. The event, which occurred on October 15, reignited attention toward SHIB’s ongoing deflationary efforts.
Despite the massive burn, the token’s market performance remained largely unaffected, reflecting broader market weakness. Shiba Inu’s price continued to dip as Bitcoin and Ethereum also registered declines.
Coinbase-Linked Wallet Executes 140 Million SHIB Burn
According to data shared by the community-driven tracker Shibburn, an anonymous user transferred 140,033,123 Shiba Inu (SHIB) tokens to a dead wallet in a single transaction. The burn took place at approximately 20:14 UTC on October 15. Blockchain records show that the wallet responsible for the transfer, identified as 0x27d…fe606, was newly created and has only executed one transaction — the 140 million SHIB burn.
Coinbase user burns 140 million Shiba Inu
Further analysis from Etherscan revealed that the address received its funds from a wallet associated with Coinbase, suggesting that a user of the San Francisco-based exchange initiated the move. The wallet currently holds no SHIB tokens and retains only 0.002 ETH, worth around $9.
Shibburn’s data indicated that this single burn significantly boosted SHIB’s overall daily burn activity. In total, 140.39 million SHIB were destroyed across nine transactions within 24 hours, driving the daily burn rate up by 222.84%. This latest transaction represents the largest single incineration in nearly three months.
Shiba Inu Supply Remains Largely Unchanged
While the burn event marked a milestone for the Shiba Inu community, it had little effect on the token’s overall circulating supply. Current data shows that 410.75 trillion SHIB have been permanently removed from circulation, largely due to previous contributions, including Ethereum co-founder Vitalik Buterin’s major burn in 2021.
The most recent comparable burn occurred on July 28, when an anonymous user destroyed 600.7 million SHIB. Since then, individual burns have typically stayed below 100 million until the Coinbase-linked address executed this latest transaction.
Despite these deflationary efforts, Shiba Inu still maintains an enormous supply of around 589.25 trillion tokens. The total supply has shown little reduction in recent years, indicating that burns alone have not significantly altered SHIB’s tokenomics.
Meanwhile, the latest burn failed to spark price momentum. SHIB’s value dropped by 0.15% in the past 24 hours, trading at $0.00001049 at the time of writing. The token’s decline aligns with the broader cryptocurrency market downturn, as Bitcoin and Ethereum also recorded losses of 0.06% and 0.73%, respectively.
Source: https://coinpaper.com/11717/coinbase-user-makes-shocking-move-burns-140-m-shiba-inu-in-one-transaction
