Shiba Inu's destruction rate soared, igniting market enthusiasm, and SHIB's price is ready to go?
According to the latest data from Shibburn, its destruction rate soared by an astonishing 1041.91%. In just 24 hours, more than 6.54 million SHIB tokens were permanently destroyed. This unprecedented destruction event instantly ignited the market's heated discussion on the future trend of SHIB prices, and investors speculated whether SHIB prices are about to usher in a strong rebound.
It is worth noting that the two "heroes" in this destruction wave came from the same mysterious wallet address "0x608....9fe80", which removed 2.14 million tokens in two transactions. This is undoubtedly a strong proof of the SHIB community's firm belief in reducing token supply and increasing token value. In the past 7 days, a total of 26.63 million tokens have been removed from the total supply. This series of destruction actions has undoubtedly injected a shot of confidence for investors.
However, despite the surging destruction craze, the circulating supply of SHIB is still as high as 583.51 trillion. As of the time of writing, 410.73 trillion SHIB tokens have been destroyed, a figure that reflects the SHIB community’s persistent pursuit of token value.
Meanwhile, SHIB’s price has also seen a slight increase amid the destruction storm. After hitting a 24-hour high of $0.00001789, SHIB’s price has successfully risen by nearly 6%, trading at $0.00001758. Trading volume has jumped 23% to $507.35 million, fully demonstrating that investors’ confidence in SHIB, the top meme coin, is growing.
In addition, data from CoinGlass also shows that SHIB futures open interest has increased by 20% to $52.93 million, further reflecting the market’s positive expectations for SHIB’s future.
The latest Shiba Inu price analysis brings good news to investors. The analysis points out that a potential rebound in Bitcoin prices could bring opportunities for a large-scale rebound in other altcoins such as SHIB.
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