The Shiba Inu cryptocurrency’s destruction rate surged 1,000% today, driving SHIB’s price higher. Despite some bearish trends in the market, the token has shown resilience, inspiring bullish thoughts on future price action.
Shiba Inu, one of the world’s highest-valued meme cryptocurrencies, has once again sparked discussion in the crypto space.
Despite the recent sharp sell-off, the price of the Meme coin has shown remarkable resilience, defying market norms and maintaining its upward trajectory above the key resistance level of $0.00002315 at press time.
This phenomenon has created significant market optimism for the dog-themed meme cryptocurrency. Meanwhile, another bullish factor seems to be aiding the token’s upward momentum.
In the past 24 hours, Shiba Inu’s destruction rate has surged a staggering 1,009%, with 29.11 million SHIB destroyed. The significant increase in the token destruction rate is a mechanism designed to strengthen the SHIB token economy, further shrinking the cryptocurrency’s market supply.
As SHIB’s destruction rate surged by 1009%, the price trajectory maintained its upward momentum, rising in sync with the broader market trend. Mainly, as the destruction rate surged, SHIB once again broke through the $0.000025 mark today, which is an important psychological level for the token.
This further aroused great curiosity among investors about Shiba Inu, and cryptocurrency market participants optimistically speculated on the future price trend of the token.
It is worth mentioning that despite the wallet selling 211 billion Bitcoins in the past day, Shiba Inu showed considerable resilience and maintained its upward momentum.
At the time of writing, the price of SHIB has increased by 7.46% in the past 24 hours and is currently at $0.00002476. The meme coin market value increased by 7.48%, and the 24-hour trading volume increased further by 9.43%. This pushed the token into a bullish phase today, and the on-chain data further fueled the optimism of investors.
Coinglass data shows SHIB liquidations worth $903.9 million, highlighting a significant reduction in selling pressure compared to previous data. In addition, open interest surged 13.73% to $64.76 million, indicating growing investor interest in dog-themed meme tokens.
Meanwhile, the Shiba Inu crypto community has also recently ruled out a hard fork upgrade for Shibarium, adding a bullish tone to its crypto journey. Overall, the above data brings hope for the future of SHIB, and cryptocurrency market enthusiasts continue to pay attention to the coin.
