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SHIB Shiba Inu coins hit the highest weekly destruction volume of the year, with 2.96 billion SHIBs destroyed in one week
According to Shibburn data, Shiba Inu coins achieved the highest weekly destruction volume in the past year in the past week, with a total of 2.96 billion SHIBs removed from circulation. This significant increase exceeds all other weekly destruction records since July 2023, highlighting the exceptionally active period of the Shiba Inu ecosystem.
Record-breaking SHIB destruction
The surge in destruction activities was concentrated on July 26 and 27, coinciding with significant fluctuations in the price of Shiba Inu. During these two days, many contributors sent millions of SHIBs to the destruction address, pushing the weekly destruction total to reach an annual peak. It is worth noting that according to Shibburn's post on the X platform, 757,803,141 SHIBs (worth approximately US$4,016.36) were transferred to the destruction address in a transaction on July 27.
Woofswap, a decentralized exchange participating in the SHIB ecosystem activities, reported on its X account that token destruction on July 26 was particularly busy. Woodswap claims to have sent US$15,000 worth of SHIBs to destruction addresses on the Ethereum network and US$4,500 worth of SHIBs to the Robinhood platform, contributing to this unprecedented level of destruction.
In the past 30 days, Shiba Inu coins destroyed a total of 3.23 billion SHIBs. The acceleration in destruction is being reflected across the ecosystem, while network and transaction activities have also improved.
Small Dictionary: Shibburn is a tracking platform that focuses on monitoring the destruction of Shiba Inu coins. It provides real-time data and analysis of the total amount of tokens removed from circulation by sending the tokens to an unrecoverable "destruction address".
Internet indicators soared
Shiba Inu's Internet activity surged during the same period, with social dominance reaching 0.084%. This is the highest level since April 2 and reflects increased activity in community discussions during price fluctuations.
During the weekend price surge, SHIB recorded 52 whale transactions in a single day, the highest number since March 31. Whale activity indicates large transfers of funds by major holders, which often affects short-term price movements and market sentiment.
Current indicator values and changes from the previous period: The weekly destruction volume of SHIB (7 days) was 2,960,000,000, a 12-month high; the number of new addresses in July was approximately 80,000, showing an increasing trend; the number of whale transactions in a single day was 52, the highest since March 31.
Chain Holders and Whale Movements
The total number of chain holders of Shiba Inu coins reached 1,678,501, of which about 80,000 new addresses were added in July. This increase reflects increased interest in and participation in the SHIB network.
According to analytics provider Sanitation, a large SHIB holder identified as wallet 0x8382... 7b03 executed significant transactions and made its activities public. This transparency has sparked more discussion about market structure and whale dynamics than just focusing on retail investor sentiment.
Shibburn reported that more than 2.96 billion SHIB tokens were removed from supply in a week, the largest amount destroyed since July 2023. Woodswap claims that during the peak period of activity, it destroyed US$15,000 worth of SHIBs on Ethereum and US$4,500 worth of Robinhood, respectively.
Price performance
Despite short-term fluctuations, Shiba Inu rose 37% over the weekend before falling back from its high. As of the latest data, SHIB was trading at US$0.00004632, down 3.25% in the past 24 hours, but the weekly increase was still 11.18%.
