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SHIB Robinhood and Coinbase destroyed more than 56 million SHIBs in a month, and the destruction volume fell 82% month-on-month in August.
Robinhood and Coinbase, the top cryptocurrency trading platform, accelerated the token destruction of Shiba Inu (SHIB), destroying a total of more than 56 million SHIBs in August. However, according to data from Shibburn, a platform that specializes in tracking the destruction of SHIBs, despite the rebound in attention, the total amount destroyed in August was 588.2 million SHIBs, a significant drop from 3.24 billion in July.
The exchange leads the destruction of SHIBs
Robinhood, a leading trading platform focusing on accessible financial products, transferred 39.04 million SHIBs to official destruction addresses through 101 independent transactions, making a significant contribution. The major U.S. cryptocurrency exchange Coinbase (known for its extensive currency selection and secure custody services) followed closely, destroying 17.28 million tokens in 11 transactions. These destruction activities are funded by transaction fees and are a coordinated initiative to reduce the circulation of SHIB supplies.
Robinhood and Coinbase destroyed a total of 56.32 million SHIBs, highlighting the growing support of mainstream exchanges for deflationary measures.
Small Dictionary: Shibburn is a community-driven platform that tracks and verifies the destruction of all Shiba Inu tokens by aggregating blockchain transaction data related to SHIB destruction addresses.
Compared with July, the amount of SHIB destroyed in August fell by 82%, and only 588.2 million pieces were withdrawn from circulation. Although this number is still worthy of attention, it marks a cooling in the destruction fever, despite rising enthusiasm within the SHIB community.
Destruction in July: 3.24 billion pieces; destruction in August: 588.2 million pieces; month-on-month change: -82%.
Market momentum and historical patterns
Third quarter data showed that SHIB performed stronger than expected, with prices rising by 21% during the period. This is in sharp contrast to the token's historical median performance in September, which typically hovers around-3%, which has only achieved gains in three September months since its launch.
In October, often referred to as "Uptober" in the crypto community, the market has higher expectations. Data shows that the median growth rate of SHIB in the past 10 months exceeded 8%. The term "Uptober" was particularly popular during the 2021 bull market, when SHIB recorded an explosive increase of 830%.
Technical analysts pointed out that if the current upward trend is consistent with continued demand from large households (i.e.,"whales"), SHIB may rebound from US$0.0000550 to US$0.00000650 on the premise of confirming continued holdings.
Technical Outlook and Whale Activity
Recent price movements show that whales have been gradually building positions since the end of July, but no consensus has been reached on a clear bottom of the cycle. The Cai Jin Money Flow (CMF) indicator remains negative (-0.09), indicating that the whales are hesitant about a large sell-off but are not yet fully betting on a bullish reversal.
From a technical analysis perspective, the SHIB long target broke through the Bollinger Band resistance level of US$0.0000525. If short-term CMF readings turn positive, breaking through that level could increase bullish momentum, a trend technical analyst SHIB Knight described as a potential "bull flag" pattern.
Shift to self-custody and reduction in trading activity
As exchange reserves fall to new lows, there are signs that SHIB holders are increasingly moving assets into self-managed wallets. The shift suggests that holders are more inclined to hold SHIB than trade, echoing continued deflationary actions on major exchanges.
These trends come at a time when the total number of SHIB holders has exceeded 1.6 million, indicating that the community remains actively involved in supporting the memin's price stability and long-term growth potential.
