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SHIB The current trading price of SHIB is approximately US$0.000054992, with a market value of US$2.94 billion, and a 24-hour trading volume of US$88.11 million. The declining wedge pattern on the weekly chart is attracting analysts 'attention and could usher in a bullish breakthrough. Shibburn data shows that 83.8 million SHIBs were destroyed in the past 24 hours alone, bringing the monthly destruction volume to 3.24 billion, a surge of 1395% from the previous 30 days. As prices have cooled from a rebound in late July, giant whales have moved more than 4 trillion SHIBs from exchanges.
The destruction rate of SHIBBs climbed in August
Shibburn, which tracks the destruction data of Shiba Inu coins, posted on the X platform that a total of 83,839,033 SHIBs were destroyed in the past 24 hours. The previous July had already ushered in an intensive destruction period. In the past 30 days, 3.24 billion SHIBs have been permanently removed from supply.
The total amount destroyed this month increased by 1395% compared with the previous 30 days. When the destruction occurred, the tokens were worth approximately $16,575. Destruction alone does not determine the direction of prices, but they do reduce the available supply, which is one reason the SHIB community continues to pay attention to the data.
Prices cool, giant whales continue to attract money.
SHIB closed with a gain of 12.14% in July, setting its best monthly performance since a 49% gain in November 2024. A 28.5% rebound at the end of July pushed prices past the US$0.00005 resistance level. Since then, SHIB has fallen more than 8% in the past two weeks. This is the second time that the token has been rejected from the US$0.00005 area since it was first blocked in early June.
During this correction, more than 4 trillion SHIBs flowed out of exchanges. Such movements often indicate that buyers are holding tokens rather than selling them. Although supply continues to shrink through continued destruction, demand appears to be building. This combination also appeared before the SHIB breakthrough at the end of July. Currently, SHIB is still in consolidation mode below the US$0.00005 resistance level. Traders continue to focus on destruction data, whale wallet activity and weekly charts to wait for the next signal.
