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SHIB Shiba Inu's daily destruction rate dropped by 88%, and weekly destruction volume slowed down.
According to Shibburn's data, Shiba Inu's daily token destruction rate dropped sharply, and only US$7 worth of SHIB has been removed from circulation in the past 24 hours. Compared with recent times, this number has dropped significantly, highlighting the weakness after the previous wave of destruction.
Fluctuations in destruction rates and major contributors
The recent single-day destruction volume was 1.38 million SHIBs, much lower than the previous day's record. As a result, the daily destruction rate fell by 87.63%, reversing the previous day's 706% increase, when total destruction reached 17,464,058 SHIB.
A total of 315.8 million SHIBs were destroyed in the past seven days, reducing the weekly destruction rate by 69.94%. However, monthly data presents a different picture. In the past 30 days, the total amount destroyed has soared by 1,351% compared with the previous period, and a total of 3.47 billion SHIBs have been removed from circulation.
WoofSwap has played a leading role in recent destruction campaigns, sending 3,081,392,109 SHIBs to Dead Wallet in the past month. Robinhood followed closely and became the second largest contributor, destroying 154,315,629 SHIBs during the same period.
Throughout history, Shiba Inu has destroyed 410,843,687,208,931 SHIBs through 21,473 independent transactions from its original 1 trillion supply.
Market reaction and derivatives data
The decline in the SHIB destruction rate coincided with the price correction. Shiba Inu has fallen 3.35% in the past 24 hours, and the overall cryptocurrency market has performed mixed. Most mainstream currencies lack direction, resulting in a sluggish trading atmosphere.
Derivatives market data showed low participation, with Shiba Inu's open interest falling 5.03% to $43.51 million. CoinGlass pointed out that the decline suggests a possible outflow of funds, as both Bitcoin and Ethereum futures lack momentum, and investors are turning to a wait-and-see attitude or reallocating to individual active altcoins.
Developer activities and use case expansion
Despite the lack of significant progress in price and destruction activities, the underlying development work continues to advance steadily. Mazrael, a key person following the development of Shiba Inu, pointed out that the project team continues to make progress.
Developers have expanded 18 documentation pages to include detailed guidance on implementing ERC-4337 gas-free transactions with Paymaster, a new encrypted payment API, hosting endpoints for on-chain data, and an updated ShibaSwap SDK. These technology upgrades are designed to provide developers with the basic tools they need to build consumer-facing applications on Shibarium, thereby improving the utility of the ecosystem in the long term.
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