Shiba Inu Coin destruction rate surges by 300%, may SHIB price rebound?
According to Shibburn, a platform that tracks SHIB token destruction data, on May 31,
The destruction rate of Shib has increased sharply, increasing by more than 310%.
A spike in the burn rate could have a positive impact on SHIB’s long-term token economics.
In the past 24 hours, several major wallet addresses have conducted large transactions, destroying a total of nearly 10 million SHIB tokens.
Among them, a prominent wallet address destroyed 4.91 million SHIB through two major transactions.
These large-scale destruction events are a key factor driving the recent increase in the destruction rate of Shiba Inu coins.
A reduction in supply is often seen as a potential factor that could push prices higher.
In the world of cryptocurrency, this principle holds true as well.
The reduction in SHIB supply has injected a wave of optimism into the market, and many are paying close attention to the subsequent development of this meme coin.
So, will the price of SHIB rebound as a result?
Previously, the price of Shiba Inu Coin has managed to break through the key resistance level at $0.000025 and has remained above this level amid bearish market conditions.
Despite the recent decline in SHIB price, if it can continue to stabilize above this key resistance level, the price is expected to rise further.
If the bullish momentum continues, SHIB’s price may even surge to $0.00003 or even $0.00005.
The reduction in supply caused by this surge in the destruction rate undoubtedly provides strong support for this rebound trend.
If SHIB fails to resist the current bearish trend, the next key support level will be $0.000024.
At the same time, futures market data also shows that SHIB’s long positions triggered a liquidation of $1.2 million during the recent decline, which may have a certain negative impact on SHIB prices.
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