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SHIB More than 3 million Shiba Inu coins were destroyed in 24 hours, but the destruction rate is still slow and the supply impact is limited.
As the leading meme coin on the Ethereum network, Shiba Inu has recorded the destruction of more than 3 million coins in the past 24 hours. However, the overall destruction progress is still slow and has not yet had a substantial impact on the circulating supply.
Destruction rate trends continue to be sluggish
The daily destruction rate of SHIB dropped by 15.80%. In the longer term, destruction rates also fell: weekly data fell 28.12%, and monthly data fell 37.44%. Although destruction activities continue, this downward trend highlights the overall slowdown in the destruction of SHIB tokens.
In the past seven days, Shiba Inu coin holders have destroyed a total of 59.77 million SHIBs, worth approximately US$251. In the past 30 days, a total of 286.85 million SHIB tokens have been withdrawn from circulation.
Currently, the cumulative destruction of SHIB accounts for 41.08% of the total supply. This figure reflects continued efforts to reduce the token pool, but is still not large enough to significantly reduce the overall supply of Shiba Inu coins.
Although a total of 410,840,447,753,352 SHIBs have been destroyed through 21,266 transactions (including the high-profile destruction of 410 trillion SHIBs by Ethereum founder Vitalik Buterin May 2021), experts believe that the speed of this process is still not enough to significantly reduce the circulation supply of tokens.
Small Dictionary: Shiba Inu is a meme token based on the Ethereum blockchain. It is famous for its huge community and huge circulation supply. It is often associated with thematic destruction mechanisms, aiming to reduce the number of tokens in circulation.
Market sentiment and price performance
The price trend of Shiba Inu is relatively flat, and it is still waiting for a clear catalyst to start a potential rise. As of the latest data, SHIB was trading at US$0.00004164, down 1.63% in the past 24 hours, but still up 0.82% in the past week.
This pattern is consistent with the broader cryptocurrency market-a mild correction in the market, with the flagship asset Bitcoin trading at close to $65,000. During this period, most mainstream crypto assets fell slightly.
On the macroeconomic front, the number of initial jobless claims in the United States fell to 187,000 in the week ending July 18, lower than the 212,000 expected by analysts surveyed by Dow Jones. Although this economic indicator is positive, it has limited impact on the weekly trend of the cryptocurrency market.
Summary of Destruction Data
Cycle- SHIB Destruction Volume-Value (USD)
24 hours-3 million units-undisclosed
7 days-59.77 million units- 251 US dollars
30 days-286.85 million units-undisclosed
Cumulative to date- 410.84 trillion units-undisclosed
Liquidity and Market Outlook
The weekly decline in major cryptocurrencies has not changed the overall positive trend, with most assets still rising this week. No single event triggered a major market reversal, which analysts believe is more like a rest than a sharp correction.
Blockchain analysis company CryptoQuant assessed market liquidity and found that the purchasing power of stablecoins is stabilizing. However, these inflows have not yet rebounded sufficiently to support the decisive upward trend of the entire crypto industry.
Looking to the future, the short-term price outlook is neutral and optimistic. Continued positive net inflows may be good for crypto asset prices, but a stronger rebound requires exchange reserves to remain stable and net inflows of new supply continue to exceed redemptions.
