Recently, the SHIB community has once again attracted market attention — blockchain wallet tracker Shibburn data shows that in the past 24 hours, 1,606,561 Shiba Inu (SHIB) have been transferred to dead wallets, resulting in a destruction surge of 2,196%📈! Among them, a single transfer of 1,192,392 SHIB has become the main contributor to today's destruction spike.
Meanwhile, this week the total destruction of SHIB reached 72,264,101 coins💥, but compared to last week, the quantity calculated still decreased by 29%. In terms of price, Shiba Inu has dropped about 13% in the past week, with the current trading price around $0.00001226💸, and the 24-hour drop close to 3.22%.
It seems that despite the surge in destruction volume, SHIB's price is still affected by the overall weakness of Bitcoin, and there has been no price rebound in the short term📉.
🔥 What is SHIB burning? Why is it important?
SHIB destruction, simply put, is transferring SHIB tokens to addresses that cannot be used or are invalid, known as 'dead wallets'💀. Once these tokens enter dead wallets, they are permanently removed from circulation.
The main role of destruction is:
Reduce circulating supply: Make the tokens scarcer📦
Possible price support: Theoretically, if supply decreases while demand remains stable, prices may rise💰.
However, one point to note: an increase in destruction volume does not guarantee a short-term price rise. Especially with large centralized destruction like today, it is more likely to affect market depth than immediately push prices higher💭.
📊 Why did the destruction volume surge by 2196% in 24 hours?
Shibburn's on-chain data shows that this surge mainly comes from centralized transfers: 1,606,561 SHIB were sent to dead wallets, with a single transfer of 1,192,392 SHIB accounting for a significant share⚡.
In other words, this growth is a 'centralized explosion' rather than a continuous destruction trend📈. So although the percentage figures are impressive, the actual impact on market supply may not be as profound as imagined.
📅 Weekly destruction trend: High quantity but decreasing?
If we look at the weekly destruction volume, a total of 72,264,101 SHIB were burned this week🔥.
Compared to last week, the weekly destruction amount has decreased by 29% in quantity📉.
This indicates that while daily data may seem exaggerated, long-term trends are more noteworthy. Centralized large transfers may create a sensation, but the overall supply impact needs to be analyzed in conjunction with weekly and monthly destruction trends.
💸 Why is the SHIB price dropping?
Many people may assume that a surge in destruction volume implies that prices should rise, but the reality is not so. In the past week, SHIB has dropped about 13%, primarily due to the weakness of major coins like Bitcoin, dragging the whole market down📉.
In other words, even if destruction volume increases, if market demand is insufficient or affected by macro market pressure, prices may still fall.
Summarizing a few points:
Destruction can long-term increase scarcity, but short-term prices may not necessarily rise⏳
The short-term impact of centralized destruction may not change the total circulating supply but only affect market depth⚖️.
The current overall market is under greater downward pressure, and SHIB prices are under short-term pressure💔.
🤔 Is centralized destruction meaningful?
This 24-hour surge of 2196% is mainly caused by centralized large transfers. Although it seems impressive, the impact on long-term prices and supply needs to be analyzed with more factors:
🔹 Weekly and monthly destruction trends: Stable destruction is more likely to affect long-term scarcity.
🔹 Market sentiment and demand: Prices depend more on investor confidence and capital inflow.
🔹 Macro market conditions: The trends of mainstream coins like Bitcoin also significantly influence SHIB.
In simple terms, a one-time large destruction can create a buzz, but long-term value depends on ongoing destruction trends and market demand.
📌 Key points review
Daily destruction peak: In the past 24 hours, 1,606,561 SHIB were destroyed, a rise of 2,196%, mainly concentrated in large single transfers.
Weekly destruction volume: A total of 72,264,101 SHIB, a decrease of 29% compared to last week.
Price performance: SHIB has dropped 13% in the past week, influenced more by Bitcoin and overall market weakness than by destruction events.
Long-term trend: Monitoring weekly destruction amounts and market sentiment is essential to determine whether token scarcity will have a lasting impact on prices.
📝 Conclusion
SHIB's destruction volume has surged in the past 24 hours, with the community actively transferring tokens to dead wallets, showing community activity and concern for scarcity🔥. However, prices continue to fall, primarily driven by market sentiment influenced by weak mainstream coins like Bitcoin💔.
In the short term, a one-time centralized destruction may not immediately raise prices, but a long-term, continuous destruction trend is expected to gradually enhance token scarcity, providing support for SHIB's future trend📈.
To more accurately assess SHIB's market prospects, we need to pay attention to:
Weekly and monthly destruction trends
Overall market sentiment
Trends of mainstream cryptocurrencies
Fanfan will continue to track on-chain data and provide the latest analysis when new data is released🔔.
💬 In summary: 24-hour destruction volume surged 2196%, SHIB short-term price dropped 13%, long-term trend still depends on ongoing destruction trends + market sentiment📊🐶💥
