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SHIB Shiba Inu Community Witness a Surge in Token Destruction
In the past 24 hours, the Shiba Inu Community has experienced a significant increase in token destruction, with more than 297 million SHIBs removed from circulation. According to Shibburn data, the destruction rate has soared by 6,847% compared to the previous period, highlighting the resurgence of one of the world's most popular memecoins.
Record token destruction
Token destruction helps reduce circulation supply, a move that is often seen as a factor in price stability or potential appreciation. Shibburn reported that the total number of SHIBs destroyed in a single day reached 297.68 million, marking a significant increase in the daily destruction volume. The surge was mainly driven by a deal that removed 297,572672 million SHIBs from circulation, in addition to additional destruction of wallets from platforms such as Uniswap (111,542), Coinbase (2,622,378) and Robinhood (179,289).
Shibburn pointed out: "In just 24 hours, the destruction rate reached 6,847.52%, mainly driven by a large transaction of more than 297 million SHIBs."
In the past seven days, the cumulative amount destroyed was 394.28 million SHIBs, a weekly increase of more than 1,821%. The total destruction volume this month reached 666.97 million SHIBs.
SHIB expands into Solana ecosystem
In an important advance in improving accessibility, Shiba Inu has become an available asset on the Solana blockchain through Sunrise integration. This move enables users to directly access and trade SHIB in various Solana-based decentralized applications, including Jupiter, Raydium, Phantom, and Kamino, expanding its reach in the decentralized finance (DeFi) space. [TAG
Small dictionary: Sunrise is a bridging protocol on Solana designed to connect external tokens, enabling assets such as SHIB to be integrated into Solana's DeFi app without having to exit the network or rely on centralized exchanges.
With Sunrise integration, users can now trade, redeem and use SHIB in the Solana ecosystem, providing new flexibility for token holders. This latest expansion is expected to increase SHIB's visibility and adoption, especially among Solana's growing user base.
Market conditions and technological developments
Tuesday morning trading reflected mixed sentiment in the cryptocurrency market, as investors awaited the release of minutes of the Federal Reserve's latest meeting. Bitcoin and mainstream altcoins continue to trade within narrow bands, and futures markets show a 78% probability that the Fed will keep policy rates unchanged in its next decision.
Against this backdrop, Shiba Inu's price fell 0.95% to US$0.00005893 in the past 24 hours. Despite the daily decline, the weekly increase was still positive, reaching 2.09%.
From a technical perspective, SHIB achieved important milestone during the weekend, forming the first "golden cross" at the daily level in the past two years. This technical pattern is formed when the short-term moving average crosses above the long-term moving average, and traders often interpret it as a bullish signal. This pattern previously appeared in SHIB in November 2024; a month later, in December 2024, the token reached a high of US$0.0000334.
Investors 'focus this week turned to Wednesday's release of minutes from the September Federal Open Market Committee (FOMC) meeting, which could provide further insight into the future direction of U.S. monetary policy and its impact on the cryptocurrency market.
