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.