The Shibburn tracking platform reported that just $29 worth of Shiba Inu (SHIB), equivalent to 5.33 million tokens, were removed from circulation over the last 24 hours. This represented a 24.95% drop in the daily SHIB burn rate compared to the previous day.
Token burns slow, major exchanges participate
Shiba Inu burns involve sending tokens to so-called ‘dead’ wallets, which are inaccessible and permanently remove the tokens from the total supply. In the past day, more than 5 million SHIB were burned, according to tracking by Shibburn.
The largest single transaction came from Binance, with 2,357,000 SHIB sent to a dead wallet. Robinhood, known for its brokerage and crypto trading services, contributed three burn transactions within 24 hours. Additionally, 15,955 SHIB were burned through Uniswap.
Looking at the broader data, 139.50 million SHIB were burned in the last week, a burn rate increase of 76.73% week-on-week. Over the past month, the number reached 507.72 million tokens.
Coinbase, one of the largest cryptocurrency exchanges in the US, sent 35,590,107 SHIB to dead wallets in 17 transactions during this period. Robinhood followed with 35,636,016 SHIB burned in 89 transactions. ShibLaunchpad, a project supporting SHIB token burns, destroyed 29,399,920 SHIB through 34 transactions.
Mini dictionary: Shibburn is a platform dedicated to tracking the burning, or permanent removal, of Shiba Inu tokens from circulation, providing data on burn amounts and transaction origins.
| Platform | SHIB Burned (Last 24h) | Number of Transactions |
|---|---|---|
| Coinbase | 35,590,107 | 17 |
| Robinhood | 35,636,016 | 89 |
| ShibLaunchpad | 29,399,920 | 34 |
| Binance | 2,357,000 | 1 |
| Uniswap | 15,955 | 1 |
Senate to vote on Clarity Act
Meanwhile, attention in the crypto market turns to the upcoming vote on the Clarity Act in the United States Senate, scheduled for Tuesday. The bill, which addresses digital asset market structure, has reached its final draft version.
Although the Clarity Act passed the Senate Banking Committee in May, uncertainty remains over whether it will secure enough support in the full Senate for passage. The legislation aims to clarify the regulatory status of digital assets and is being closely monitored by industry stakeholders.
Shiba Inu is among the 16 digital commodities officially listed by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), alongside Bitcoin (BTC), Ethereum (ETH), and XRP. The outcome of the Senate vote could have significant implications for these assets, especially regarding their classification and future market opportunities.
Potential impact on SHIB’s regulatory status
Mazrael, a long-standing member of the Shiba Inu community, commented on the potential benefits if the Clarity Act becomes law. They stated that a commodity-based framework under CFTC oversight could simplify matters for listings, custody, and institutional participation, as well as open the door for a potential SHIB exchange-traded fund (ETF).
Mazrael suggested that incorporating such guidance into law would mean a commodity framework under the CFTC, creating a clearer path for listings, institutional adoption, and possibly even a Shiba Inu ETF.
