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SHIB 
XRP Shiba Inu destruction rate drops by 25%, and the U.S. Senate is about to vote on the Clarity Act.
According to data from the Shibburn tracking platform, Shiba Inu (SHIB) worth approximately US$29 (equivalent to 5.33 million tokens) has been permanently removed from circulation in the past 24 hours. Compared with the previous day, the daily destruction rate dropped by 24.95%.
Destruction slows down, with major exchanges actively participating
Shiba Inu's destruction mechanism is to send tokens to so-called "dead wallets" that are inaccessible, thereby permanently removing tokens from the total supply. According to Shibburn's tracking data, more than 5 million SHIBs were destroyed in the past day.
The single largest destruction transaction came from Binance, which sent 2,357,000 SHIBs to dead wallets. Robinhood, known for his brokerage services and cryptocurrency trading, contributed three destruction transactions in 24 hours. In addition, 15,955 SHIBs were destroyed through Uniswap.
Looking at broader data, a total of 139.5 million SHIBs were destroyed in the past week, a month-on-week increase in the destruction rate of 76.73%. In the past month, the total amount destroyed reached 507.72 million coins.
As one of the largest cryptocurrency exchanges in the United States, Coinbase sent 35,590,107 SHIBs to Dead Wallet through 17 transactions during this period. Robinhood followed closely, destroying 35,636,016 SHIBs in 89 transactions. ShibLaunchpad, a project that supports the destruction of SHIB tokens, destroyed 29,399,920 SHIBs through 34 transactions.
Terms explanation: Shibburn
Shibburn is a platform focused on tracking the destruction of Shiba Inu tokens (i.e., permanent removal from circulation), providing data on the amount destroyed and the origin of the transaction.
The Senate is about to vote on the Clarity Act
Meanwhile, the attention of the cryptocurrency markets is turning to the U.S. Senate's upcoming vote on the Clarity Act on Tuesday. The bill aims to address the structure of the digital asset market and has currently reached a final draft version.
Although the Clarification Act passed the Senate Banking Committee in May, there is still uncertainty whether it will gain enough support in the full Senate to pass smoothly. The legislation aims to clarify the regulatory status of digital assets and is closely watched by industry stakeholders.
Shiba Inu is one of 16 digital commodities officially listed by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), along with Bitcoin (BTC), Ethereum (ETH) and XRP. The Senate vote could have a significant impact on these assets, especially regarding their classification and future market opportunities.
Potential impact on the regulatory status of SHIB
Mazrael, a long-time member of the Shiba Inu community, commented that the Clarification Act could have potential benefits if it became law. They said a commodities framework under the supervision of the CFTC could simplify matters related to listings, custody and institutional participation, and open the door to potential SHIB exchange-traded funds (ETFs).
Mazrael suggested that incorporating such guidance into law means establishing a commodity framework under the CFTC, creating a clearer path for listings, institutional adoption and even possible Shiba Inu ETFs.
