Coinbase has played a leading role in Shiba Inu (SHIB) token burns over the past 30 days, according to on-chain data tracked by Shibburn. The US-based crypto exchange sent 143,956,168 SHIB tokens to dead wallets during this period, accounting for nearly one-third of all SHIB burned.
Coinbase drives recent burn activity
In total, 418.66 million SHIB were removed from circulation in the last 30 days. Coinbase was responsible for a large portion of this, making it the top contributor among platforms and individuals burning SHIB. These burns are carried out via multiple transactions, often linked to trading fees or operational activities, and involve moving tokens to unrecoverable addresses with no private keys.
The Shiba Inu community closely monitors burn activity, especially transactions initiated by major exchanges. Such activity is seen as a positive force for gradually reducing the token’s circulating supply. In the most recent 24-hour window, 68.29 million SHIB were destroyed, with Coinbase alone responsible for burning 47,419,390 SHIB. This marked a significant increase in the daily burn rate, which surged by 154.33% according to Shibburn.
Weekly data shows 86.75 million SHIB burned in the past seven days. This is a decline compared to the previous week, with the seven-day burn rate dropping by 22.29%.
Price movement and market trends
Despite the increased burn activity, the price performance of Shiba Inu has been subdued. SHIB declined 0.07% in the past day, reflecting broader cryptocurrency market sentiment ahead of the Federal Reserve’s upcoming inflation measure release. Traders are awaiting the Fed’s preferred inflation index, which is due Wednesday and is forecasted to show stability in the annual rate, still well above the central bank’s 2% objective.
At a previous meeting in September, Federal Reserve officials agreed to raise rates by a quarter point and signaled that another hike might still be possible this year, keeping market participants attentive to policy signals.
Technical outlook for SHIB
On the technical front, Shiba Inu is approaching a notable milestone as its 50-day and 200-day moving averages are on course to converge. This scenario would mark the formation of a “golden cross” on SHIB’s daily chart, a technical event that is often seen as a bullish signal if sustained.
This would represent Shiba Inu’s first golden cross of 2026, a development that recalls a similar move in November 2024. Following that previous golden cross, SHIB reached a high of $0.0000334 in December 2024, supporting the view that such technical patterns can spark positive sentiment among investors.
Shibburn’s data point to Coinbase’s pivotal role in recent Shiba Inu burns, with the exchange eliminating nearly one-third of all SHIB removed from circulation in the last month.
Technical traders are watching this indicator closely, since the golden cross has historically signaled the potential for an uptrend. Alongside chart patterns and price action, market participants are increasingly examining not just token movement but also investor timing and token selection.
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