Shiba Inu Coin (SHIB) Destruction Rate Surges by 1068%, Can It Leverage This Momentum to Reclaim Above $0.00003?
The destruction rate of Shiba Inu has seen a significant reversal. Despite a recent decline in the price of this meme coin, its destruction rate has surged by 1,068%. This unexpected rebound coincides with an overall bearish trend in the market. Relevant data indicates that the price of SHIB may continue to pull back. However, such a substantial increase in destruction rate may suggest a resurgence of investor interest, potentially creating favorable conditions and laying the groundwork for Shiba Inu's price to return above $0.00003.
In the past 24 hours, over 51.76 million SHIB tokens have been destroyed, demonstrating a sustained high destruction rate, with millions of tokens being destroyed every hour. Notably, the destruction rate of Shiba Inu has seen an astonishing short-term growth, reaching 1,068%, clearly indicating a significant reduction in token supply.
Although the destruction activities of Shiba Inu seem to have recovered, at the beginning of this month, its destruction rate had sharply declined, with a drop of up to 90%. During that period, only 413,000 SHIB tokens were destroyed, in stark contrast to the previous week when 250 million SHIB tokens were destroyed. The significant decline in Shiba Inu's destruction rate occurred concurrently with its price drop, which is particularly noteworthy. As a well-known dog-themed meme token, Shiba Inu experienced a significant price correction soon after briefly breaking through the crucial $0.00003 mark.
Meanwhile, the market value to real value ratio (MVRV) of Shiba Inu has fallen by over 3%, indicating that SHIB holders may have faced some losses over the past week. Additionally, the number of daily active addresses for Shiba Inu has also drastically decreased, from 6.26 billion on December 2 to the current 3.15 billion. The weak state of these key indicators suggests that Shiba Inu may be facing a new round of price adjustments.
