Top cryptocurrency exchanges Robinhood and Coinbase have accelerated Shiba Inu’s (SHIB) token-burning efforts, incinerating more than 56 million SHIB in August. Despite the renewed attention, the total monthly burn stood at 588.2 million SHIB, a sharp decline from July’s 3.24 billion, according to data from Shibburn, a platform dedicated to tracking SHIB burns.
Exchanges Lead SHIB Burning Initiative
Robinhood, a leading trading platform focused on accessible financial products, contributed significantly by transferring 39.04 million SHIB to the official burn address over 101 separate transactions. Coinbase, a major US-based cryptocurrency exchange known for its broad selection and secure custody, followed by burning 17.28 million tokens across 11 transactions. These burn activities are funded through trading fees and represent a coordinated push to reduce SHIB’s circulating supply.
Robinhood and Coinbase combined to burn 56.32 million SHIB, underlining growing support for deflationary measures among leading exchanges.
Mini dictionary: Shibburn, a community-driven platform, tracks and verifies all Shiba Inu token burns by aggregating blockchain transaction data connected to SHIB burn addresses.
Compared to July, August saw a decrease of 82% in SHIB tokens burned, with only 588.2 million removed from circulation. While still notable, the figure marks a cool-down in burn volume even as enthusiasm builds within the SHIB community.
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AAPL| Month | Total SHIB Burned | % Change |
|---|---|---|
| July | 3.24 billion | – |
| August | 588.2 million | -82% |
Market Momentum and Historical Patterns
Third-quarter results reflected stronger-than-expected performance for SHIB, highlighted by a 21% rise in its price during Q3. This contrasts with the coin’s usual median September performance, historically hovering around a -3% change, with only three positive Septembers since the token’s launch.
October, often referenced as “Uptober” within the crypto community, holds greater expectations. Data reveals a median growth rate for SHIB above 8% in past Octobers. The term “Uptober” gained particular traction during the 2021 bull run, when SHIB recorded an explosive 830% rally.
Technicians note that if the current uptrend aligns with sustained demand from large holders, or “whales,” SHIB could rebound from $0.00000550 toward $0.00000650, pending confirmation of continued accumulation.
Technical Outlook and Whale Activity
Recent price action shows that whales have been gradually building positions since late July, although they have not reached a consensus on a definitive cycle bottom. The Chaikin Money Flow (CMF) indicator remains negative at -0.09, suggesting whales are hesitating on large selloffs but are not yet fully committed to a bullish reversal.
From a technical analysis perspective, SHIB’s bulls aim to surpass the Bollinger Band resistance at $0.00000525. Breaking this level could strengthen bullish momentum if short-term CMF readings turn positive, a move currently described as a potential “bull flag” by technical analysts like SHIB Knight.
Shift Toward Self-Custody and Reduced Trading Activity
With exchange reserves at new lows, there are indications that SHIB holders are increasingly moving assets into self-custody wallets. This shift indicates a preference for holding SHIB rather than trading, coinciding with ongoing deflationary campaigns by major exchanges.
These trends are unfolding as the total number of SHIB holders surpasses 1.6 million, pointing to a community that remains engaged in efforts to support the meme coin’s price stability and long-term growth potential.
