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SHIB Highlights
Shiba Inu has destroyed more than 3 million tokens in the past 24 hours, but the daily, weekly and monthly destruction rate has declined, limiting the overall supply reduction. So far, more than 410 trillion SHIBs have been destroyed, most of which originated from Vitalik Buterin's historic destruction operation. The impact of recent destruction has been relatively weakened. SHIB rose slightly this week, but weakening liquidity conditions and slowing stablecoin expansion continue to constrain the overall upward momentum of the cryptocurrency market.
Destruction activities slowed down, with a significant decrease in monthly rates
Although millions of SHIB coins have been withdrawn from circulation in the past 24 hours, the destruction of Shiba Inu coins has actually weakened. The latest destruction data shows that the daily destruction rate has dropped by 15.80%, the weekly destruction rate has dropped by 28.12%, and the monthly destruction rate has dropped by 37.44%, reflecting a significant slowdown in destruction activities over a longer period.
In the past seven days, the community destroyed a total of 59.77 million SHIBs worth approximately US$251; while the total destruction in the past 30 days reached 286.85 million SHIBs. Although these numbers indicate continued community participation, they have not significantly reduced the huge circulating supply of the token.
Overall, 41.08% of the initial supply of SHIB has been withdrawn from circulation. A total of 21,266 destruction transactions were recorded on the network, and a total of more than 410.84 trillion SHIBs were destroyed. Most of it still comes from the historic destruction (approximately 410 trillion SHIBs) carried out by Ethereum co-founder Vitalik Buterin in May 2021.
Prices stabilize, markets wait for greater liquidity
Despite the slowdown in destruction activity, the market performance of Shibaigin remained relatively stable compared to the overall cryptocurrency trend. At the time of writing, SHIB was trading at about $0.00004164, down 1.63 percent over the past 24 hours, but still holding its weekly gain at a modest 0.82 percent.
Meanwhile, Bitcoin fluctuated around $65,000 and the overall crypto market entered consolidation after recent gains. As a result, a number of major digital assets, including Chai dog coins, also fell slightly.
In addition, recent U.S. economic data has also affected investor sentiment. Initial jobless claims last week were 187,000, lower than economists 'expectations of 212,000. Even so, market participants generally viewed the pullback as a brief pause rather than a fundamental shift in market direction.
In addition to macroeconomic factors, liquidity remains an important consideration for crypto assets. Analysts pointed out that the purchasing power of stablecoins seems to have stabilized marginally, but overall liquidity has not yet recovered to a level sufficient to provide strong support to push the market to continue to rise.
The analyst agency also pointed out that if the net inflow of stablecoins continues to be positive, the market environment may improve in the long run. However, for stronger bullish momentum to emerge, exchange reserves need to stabilize, while newly issued stablecoins need to continue to exceed redemptions.
Supply reduction alone cannot change the SHIB market prospects
Although millions of SHIBs continue to flow into inaccessible addresses, the current rate of destruction is not enough to substantially reduce the negotiable supply of the token. Therefore, compared with the ongoing destruction mechanism, broader market liquidity and investor participation remain key factors affecting the short-term price performance of SHIB.
