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SHIB Shiba Inu Community destroyed nearly 3 billion tokens last week, setting a new high in a single week in a year.
Shiba Inu Coin Community removed nearly 3 billion tokens from circulation last week. According to Shibburn data, a total of 2.98 billion SHIBs were destroyed in seven days. The total set a record for the largest weekly destruction in about a year, reigniting market attention on the token's continued deflationary efforts.
Destruction activities surged simultaneously with the weekend market.
Destruction activities were mainly concentrated on July 26 and 27, coinciding with a sharp rise in SHIB prices over the weekend. During this period, more than 757 million SHIBs were removed from circulation in a single transaction. Woofswap, a decentralized exchange within Shiba Inu Ecology, also reported that thousands of dollars worth of SHIBs were destroyed during the same period.
SHIB rose 36% on July 26, and its total market value increased by approximately US$1 billion in a single day. However, the rally then subsided, with whales likely taking profits while retail traders chasing at high levels. Open interest in SHIB futures fell 13.79% to US$55.53 million, indicating traders are reducing positions.
Background: From the perspective of destruction rate
The destruction volume in a single week has increased significantly compared with the recent norm. In early July, Shiba Inu coins destroyed 39.32 million SHIBs a week, a surge in the destruction rate of about 56%, but it was dwarfed by the destruction of nearly 3 billion last week. Deflation activity tracked by Shibburn sends tokens to dead wallets, permanently removing them from circulation.
Despite this, there are still approximately 585.6 trillion SHIBs in circulation, which means that billions of SHIBs are destroyed every week only a tiny fraction of the total supply. Whether the momentum of destruction translates into continued price increases will depend on broader market demand. After repeatedly holding the demand range of $0.000042 to $0.000044, the SHIB broke through the multi-monthly downtrend line that has suppressed every rebound since January-a technical change that will be the focus of traders 'close attention in the coming days.
