An unlabeled wallet has emerged as the largest contributor to Shiba Inu’s daily burn activity, accounting for nearly 90% of all $SHIB tokens removed from circulation over the past 24 hours.
According to Shibburn data, the address 0xe50…de9f9 sent 2 million Shiba Inu tokens to the burn address in a single transaction at 00:50 UTC. At the time, the tokens were worth $11.56.
Meanwhile, Shiba Inu recorded 2,227,777 (approximately 2.23 million) $SHIB burns across three transactions during the same 24-hour period. Therefore, the wallet’s 2 million $SHIB transfer represented 89.77% of the total tokens burned.
Consistent Shiba Inu Burns From the Same Wallet
Although the wallet owner remains unidentified, the address has consistently participated in $SHIB burns.
Since the start of the month, the wallet has sent 13 million $SHIB across six transactions to the burn address. Most transfers involved 2 million $SHIB, while only one transaction carried 3 million $SHIB.
Furthermore, the address has burned $SHIB 10 times in recent days, permanently removing around 20 million tokens from circulation. As a result, it ranks as the sixth-largest $SHIB burner over the past 30 days. It ranks behind other unlabeled wallets and leading crypto exchange Coinbase.
Despite these burns, the wallet still holds 65 million $SHIB, worth around $378. $SHIB also represents the largest asset by dollar value in the wallet’s portfolio.
Daily $SHIB Burn Rate Surges 279%
Meanwhile, Shiba Inu’s burn rate has surged despite the relatively small number of tokens destroyed over the past day.
The daily burn rate jumped 279.32%, while the seven-day burn rate increased by 91%, with 84.23 million $SHIB burned during that period. However, the monthly trend remains weaker. Over the past 30 days, 373.39 million $SHIB have been burned, marking a 66.70% decline in the 30-day burn rate.
$SHIB Soars Nearly 3% But Risks Dropping Out of Top 30
In the meantime, $SHIB continues to retain some of its gains from the broader cryptocurrency market recovery. Although the token slipped below $0.000006, it remains up 2.84% over the past 24 hours and currently trades around $0.000005826.
With a market cap of $3.43 billion, $SHIB ranks as the 30th-largest cryptocurrency. However, its position remains close to the next-ranked asset, as USDG follows with a market cap of roughly $3.25 billion.