Recently, there has been a significant increase in Shiba Inu token burns, along with large transactions involving withdrawals from Coinbase Institutional.
Increase in Shiba Inu Token Burns
According to Shibburn, the burn rate of Shiba Inu tokens has surged by over 388% over the past week. The SHIB community disposed of 102,261,199 SHIB by locking them in unspendable wallets. The largest transfer to a dead wallet occurred three days ago, removing 85,795,990 SHIB from circulation.
However, the daily burn rate has declined by 58.88% over the past 24 hours, reaching 3,772,366 SHIB.
Massive Withdrawal from Coinbase Institutional
The platform Whale Alert tracked a mammoth withdrawal of Shiba Inu tokens from Coinbase Institutional. A total of 3,000,000,000,000 SHIB were transferred to an unknown blockchain address, which equates to $38,244,000. This transaction has prompted a lively discussion among users on platform X.
Discussion on Platform X
In the comments regarding the transaction, opinions among users are divided. Some believe this could indicate a strategic accumulation of meme coins by an institutional investor, while others suggest that Coinbase may be simply reshuffling its own SHIB supplies between its wallets.
Thus, against the backdrop of a significant increase in burn rates and major transactions, interest in Shiba Inu tokens continues to grow among both retail and institutional investors.
