Today, May 6, the destruction rate has significantly spiked by 4,000%, a development that has sparked optimism about the token’s future price action.
Although SHIB has witnessed monthly price corrections, the token seems to have defied the usual bearish market sentiment by boosting its crypto presence with a host of upgrades. Now, with further impact from the aforementioned developments, the token is trading mostly in the green today, reflecting the surge in its burn rate and recent bullish market statistics.
Shiba Inu Burning Rocket 4000%
According to insights from tracker Shibburn, 81.64 million SHIBs were destroyed in the past 24 hours, resulting in a 4085.94% surge in the destruction rate. This move eliminates the supply of Shiba Inus in the market and is intended to enhance the future market vitality of the token.
It is worth noting that the sluggish market performance is mainly attributed to the oversupply in the market. In response to this, the Shiba crypto community’s token destruction mechanism destroys SHIB tokens to eliminate the supply, as shown in the above development.
This has injected a dose of optimism into Shiba Inu’s future price movement. In context, following the laws of supply and demand, the token destruction mechanism could lead to a reduction in supply, significantly increasing the demand and price of the token.
Meanwhile, SHIB’s price is in the green as its burn rate soars, further accompanying recent development efforts.
SHIB analysis
As of this writing, SHIB has gained 1.40% in the past 24 hours and is currently priced at $0.00002489. The weekly chart shows a 6.37% surge in value, in line with recent progress.
Notably, the community revealed Shibarium’s Heimdall hard fork last week, increasing block processing speeds. In addition, despite the massive sell-off in SHIB, the token has shown resilience and maintained its upward momentum.
Data showed that SHIB’s open interest increased by 3.33%, adding a hint of optimism. This, coupled with the continued decline in SHIB’s liquidation volume, further fueled the optimistic frenzy for SHIB, indicating that selling pressure is constantly decreasing.
While there may be short-term volatility, in line with broader market trends, the coin still has the potential to rise significantly in the long term, in line with the aforementioned developments and sentiment following Bitcoin’s halving.
(Personal opinion, not a recommendation)
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