Dormant CoinBase User Sparks Attention with Significant Shib Burns

• SHIB burn rate has spiked by 139103.39% in the last 24 hours according to Shibburn data.
• The memecoin’s daily price has not shown any notable upward movements.

The Shibarium community is known to show a spur of activity apart from being an active cornerstone for the memecoin sector. Shiba Inu, the second largest memecoin in the market often garners market attention with its burn rates spiking multifold. In recent times, as of the last 24 hours, the Shib burn rate has soared by 28145% due to specific activities. 

Specifically, Shibburn, an on-chain monitoring platform, announced the movement of a dormant Coinbase wallet burning SHIB tokens on its X account. The mentioned dormant wallet identified with the address “0x713” burnt 96,086,320 tokens worth $1.35K 12 hours ago. 

This particular wallet’s action accounted for the highest Shib Burn over the last 2 months. Previously another anonymous wallet (“0x7fe”) burning 290M tokens of the memecoin topped the current user’s movements. 

Moreover, this particular wallet with the “0x713” address, had remained dormant for nearly 5 months before this recent transaction. During that time, it recorded an ETH transaction breaking its 2-year dormancy. Notably, the 96 million Shib tokens that the Coinbase wallet burnt were transferred to it from a Uniswap-associated address. 

Meanwhile, the Shibarium community reported a 139103.39% increase in daily Burn rate. Additionally, in the last 24 hours, the community burnt a total of 96,634,993 $SHIB tokens. The Shib burn occurs to cause scarcity in the tokens and propels prices upward. However, the current burn has not achieved its target, as prices have shown downward movements. 

Shiba Inu (SHIB) Price Overview

The Shiba Inu memecoin’s daily price chart shows the token to have experienced a 0.23% price decline. While, in the Asian afternoon hours, SHIB traded at an intra-day high of $0.00001452, it was subjugated to bearish takeovers. At the time of writing, the memecoin was trading at $0.00001415 according to CMC data. 

Additionally, the token’s weekly performance stands at a 0.94% decline as SHIB has faced a tough month in August. However, the token’s 24-hour trading volume has shown an increase of 1.49%. 

While the token’s price hasn’t shown bullish turns, the Shiba Inu community as aforementioned is spurring with activity. Recently, it launched a Decentralized Autonomous Organization to enhance community governance. 

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