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Here's Who Burned 173 Million Shiba Inu (SHIB) Tokens: Unexpected Discovery

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Tue, 7/11/2023 - 13:39
Here's Who Burned 173 Million Shiba Inu (SHIB) Tokens: Unexpected Discovery
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Shiba Inu (SHIB) has witnessed an astronomical rise of 19,000% in burn volume. This staggering increase has placed it under a magnifying glass in the cryptocurrency community.

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A closer examination of burner addresses has revealed intriguing transactional behavior from certain wallets that have engaged in SHIB token burning. One such OpenSea user, with the wallet identifier "0x75d," has shown considerable activity in this regard. The profile screenshot from a blockchain analytics platform offers insights into their recent transactions. This user has been consistently moving significant quantities of SHIB to a burn address, exemplified by the recent transfer of 1 billion SHIB, amounting to $842.08 based on the current value reflected in the screenshot.

Etherscan data
Source: EtherScan

The user's exchange usage pie chart hints at a diversified portfolio with interactions on several exchanges, including Coinbase and Crypto.com. While this activity alone does not necessarily provide concrete evidence of the user's identity or long-term strategy, it does indicate a systematic approach to managing their SHIB holdings.

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Moving on to the second notable wallet, the Coinbase #10 hot wallet, the story becomes less clear. The movement of funds from this wallet to a burn address could, as speculated, be an accidental transfer. 

The hot wallet is commonly used for withdrawal transactions, and given the large user base of Coinbase, it would be challenging to determine the specifics without more detailed transaction data. However, the fact that funds have moved to a burn address is notable, albeit not particularly revealing about the user's intentions or identity.

These activities suggest a burgeoning trend among SHIB holders to use token burning as a strategy to influence the token's scarcity and value. Whether these burns are orchestrated by individuals with substantial holdings or by small-scale investors participating in a collective effort, the intention seems to align with driving demand through reduced supply.

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