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SHIB Robinhood destroys 109 million SHIBs, token destruction activity surges
Although the amount of destruction on the chain reaches a record high, SHIBs are still trapped in a bearish triangle. Weak derivatives data suggests that bears still control short-term market momentum. As price pressure continues to build, Shiba Inu faces another critical test. The massive token destruction related to Robinhood has rekindled community attention. At the same time, technical charts show a tightening pattern that could quickly trigger a major trend. Traders now face an important question: Can reduced supply trigger a recovery, or will bearish momentum force prices to fall below key support again?
Robinhood completes largest SHIB destruction in weeks
On July 8, the trading price of SHIB was approximately US$0.0000429, a slight decline of more than 2%. Although prices fell slightly, activity on blockchain has attracted a lot of attention. Robinhood transferred more than 109 million SHIB tokens into a dead wallet. Two more demolitions were subsequently carried out, each time removing approximately 460,000 SHIBs from circulation. The deal was the largest single destruction recorded in recent weeks. Community members quickly noticed the unusual activity. Many believe that these destroyed tokens come from transaction fee income. Multiple platforms will regularly destroy some of the fees charged through similar mechanisms. The impact is immediately evident in the on-chain data. The daily destruction volume surged by more than 3000%. Weekly destruction also soared by more than 680%. Prior to July 8, destruction activities were relatively calm. And after Robinhood's deal, there was a sharp vertical surge in destruction charts. Although there have been fewer tokens in circulation, there has been no breakthrough in prices.
Technical indicators still show caution signals. Supply reductions alone rarely guarantee an immediate rise in the market. Buyers still need to gather enough momentum to overcome continued selling pressure. The daily chart shows that SHIB has been trading within a downward triangle since May. Falling highs continue to squeeze prices into a strong support area between $0.000040 and $0.000042. The Bollinger Band has narrowed significantly, indicating that larger fluctuations may come soon.
Derivatives market still biased towards short positions
Despite increasing destruction activities, derivatives data paint a cautious picture. Trading volume has climbed nearly 12% in the past 24 hours. However, open interest fell further by 1.44%. This combination usually reflects that a trader is closing a position rather than opening a new leveraged position. The long-short ratio remains slightly biased towards bearish. Liquidation data also supports this view. Long traders have borne almost all recent losses. Short sellers face very limited pressure. This situation suggests that bears are still controlling short-term momentum. Longer-term prospects are equally challenging. Open interest has fallen about 94% from its high in early 2025. Current levels mark the weakest speculative participation in nearly two years. Lower leverage usually reflects a decline in confidence among active traders.
Robinhood's massive destruction of SHIB provides an encouraging fundamental development. However, technical signals remain mixed. Before momentum can shift decisively, strong buying demand must return. Until then, the descending triangle pattern remains a key pattern worthy of attention. A decisive upward breakthrough or downward break will likely determine the next major trend of SHIB.
