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SHIB The single-day token destruction volume of Shiba Inu Network soared to 113 million, and dropped by 98% the next day.
On July 8, the token destruction rate of Shiba Inu Network soared dramatically, setting a single-day record in more than six months. On that day, a total of 113,192,435 SHIB coins were permanently removed from circulation. This incident attracted widespread attention from Shiba Inu community and Ethereum Meme coin market observers. Investors pay close attention to such destruction activities because reduced supply is seen as a potential catalyst for price changes and project sustainability.
The destruction volume fell sharply in a single day
However, just one day later, the situation quickly reversed. According to Shibburn, only 2.64 million SHIBs, with a total value of approximately US$13, have been destroyed in the past 24 hours ending July 9. This sharp one-day decline shows that the previous abnormal surge has not lasted and has not formed a long-term trend. The latest data shows that only about 2.64 million SHIBs, worth about US$13, have been destroyed in the past 24 hours.
Although single-day data slowed significantly, it was stronger from weekly data. In the past seven days, a total of 154.83 million SHIBs have been destroyed, a month-on-month increase of 312%. The cumulative 30-day destruction volume has now reached 230.06 million SHIBs, demonstrating the community\'s continued commitment to token deflation.
Market sentiment remains cautious
In terms of price, Shiba Inu\'s trend is relatively stable, hovering around US$0.00004, reflecting that investors in the entire cryptocurrency market are still cautious. However, the SHIB has risen 2.14% in the past 24 hours to $0.0000438, bringing some relief to holders.
Most crypto assets showed a rise in early trading on Friday, thanks to active derivatives markets. However, while the volume of open interest increased, spot buyers appeared to be more conservative. Historical experience shows that a sustained rebound will be supported only when derivatives and spot markets move up simultaneously.
Derivatives market signal divergence
In the past 24 hours, activity in the entire crypto derivatives market has dropped by 6% and trading volume has dropped to US$141 billion. At the same time, open interest volume in these markets increased by 3.82% to US$110.66 billion, indicating that overall investor attention remains but is becoming more selective and strategic.
| indicators| Crypto derivatives market as a whole| Shiba Inu ||------|-------------------|-----------||24-hour trading volume changes| Down 6%| Down 42.69%|| 24-hour trading volume| $141 billion| US$41.88 million|| Change in open interest| Increase by 3.82%| Increase by 7.53%|| open interest| US$110.66 billion| $28.2 million|
Shiba Inu also reflects this overall trend. Its derivatives trading volume fell 42.69% in a single day to US$41.88 million. Interestingly, open interest in SHIB futures rose 7.53% to US$28.2 million-a sign that investors are increasing their positions even with low trading volumes.
The combination of falling trading volume and rising open interest in the derivatives market suggests that investors are still looking for direction, but remain cautious about continued fluctuations in the macroeconomic environment. This divergence between trading volume and open positions highlights the market\'s limited risk appetite for leveraged trading. Against the background of continued macro uncertainty and spot demand has not yet increased significantly, the market\'s recovery is still in a tentative stage.
