Robinhood, Coinbase Join Shiba Inu's Top Burners in August
The Shiba Inu community burned 588.2 million SHIB in August, with WoofSwap V3, Robinhood, Coinbase, and CEX.IO among the top contributors, even as the monthly burn rate slipped 6.14% from July.
(Advertisement)
According to community burn tracker Shibburn, the Shiba Inu ecosystem removed a total of 588.2 million $SHIB from circulation throughout August. Despite the volume of tokens destroyed, the monthly burn rate declined by 6.14%, reflecting a sharp slowdown compared to the prior month's activity.
A Steep Drop from July's Record Pace
August's figures mark a significant retreat from July, when the community burned 3.24 billion SHIB and the monthly burn rate surged by 1,395%. That July surge pushed the monthly burn total to its highest level in several months, and many community members had expected the momentum to carry into August. Instead, activity slowed considerably.
Cumulative burns since Shiba Inu's launch have now surpassed 410.8 trillion SHIB, equivalent to roughly 41% of the original one-quadrillion token supply.
Who Led the Burns in August
WoofSwap V3 emerged as the largest identified burner for the month, sending 194 million SHIB to the burn address across 17 transactions. Centralised exchanges also featured prominently in the rankings.
CEX.IO contributed 61.41 million SHIB across five transactions, while Robinhood transferred 39.04 million SHIB through 101 separate transactions. Coinbase rounded out the top contributors, transferring 17.28 million SHIB to the dead wallet across 11 transactions.
ShibLaunchpad also participated, sending 23.18 million SHIB to the burn address across 28 transactions.
The involvement of major retail brokerages such as Robinhood and Coinbase alongside dedicated ecosystem platforms like WoofSwap illustrates how the burn mechanism draws participation from across the crypto landscape, even during quieter months. Once tokens reach burn addresses, they can no longer be accessed or returned to the circulating supply.
Despite the tokens destroyed during August, burn activity remained subdued at the start of September, with zero burns reported in the early days of the month.
Sources:
The Crypto Basic: Robinhood and Coinbase Among Top 10 Shiba Inu Burners in August
Shibburn: Official SHIB Burn Tracker
Cryptonomist: Shiba Inu Token Burns Drive 17% Price Rally
(Advertisement)
Latest News
Read More...
Author
Soumen DattaSoumen has been a crypto researcher since 2020 and holds a master’s in Physics. His writing and research has been published by publications such as CryptoSlate and DailyCoin, as well as BSCN. His areas of focus include Bitcoin, DeFi, and high-potential altcoins like Ethereum, Solana, XRP, and Chainlink. He combines analytical depth with journalistic clarity to deliver insights for both newcomers and seasoned crypto readers.