On Monday, Shiba Inu's destruction rate surged by 6,200%, sparking optimism among investors around the world. As the market supply of meme tokens has suffered a huge blow, investors are exploring the potential impact of this development on their prices. Meanwhile, SHIB prices surged sharply intraday, further sparking market optimism about future actions amid the surge in destruction rates.
Shiba Inu's burn rate surges 6,200%, triggering bullish sentiment in the market
According to the latest data provided by tracker Shibburn on November 18, the Shiba Inu destruction rate rose by 6,223% in the past day. According to the data, 290,321 tokens were destroyed on the day. This large-scale coin destruction led to the above surge, which attracted attention to cryptocurrencies during the bull market, especially when investors turned their attention to the top meme tokens.
Meanwhile, the total supply of the token is estimated at 589.26 trillion at the time of reporting, which has been further exacerbated by the aforementioned surge in destruction. In addition, it is worth mentioning that the supply of the meme token has been reduced by 135 million SHIB in the past week. Overall, as the supply has taken a huge hit, the market sentiment towards the token's price has turned bullish, reflecting the law of supply and demand.
Is it possible for SHIB price to reach $1?
At press time, SHIB price is up 4% intraday and is currently trading at $0.00002511. The meme coin’s 24-hour low and high prices are $0.00002403 and $0.00002563, respectively. Notably, the upward trend coincides with the aforementioned spike in Shiba Inu’s burn rate.
Meanwhile, Coinglass data shows that SHIB futures OI grew 6% to $93 million. This data highlights the growing interest of investors in the asset, paving a bullish path for future trends.
Furthermore, a recent analysis of Shiba Inu’s price by CoinGape Media suggests that the token shows potential for further gains, although the $1 price target remains very optimistic. Market observers continue to watch for further price action for the token amid the post-US election bull run.
