shib continues to rise
On Thursday, November 28, 2024, Shiba Inu Coin set off a bullish trend in the cryptocurrency market. Its destruction rate soared by 4,500% like a rocket, and this astonishing increase instantly became the focus of the market. According to data from the official destruction tracker Shibburn, the destruction rate of Shiba Inu coins has increased sharply by 4483% in the past 24 hours, with the main driving force behind it being that as many as 53.61 million tokens were destroyed. Following this action, the market supply of the canine-themed meme cryptocurrency dropped to 589.26 trillion SHIB. From the perspective of basic economic principles, the token destruction mechanism of meme coins reduces the supply of assets. According to the law of supply and demand, this is undoubtedly a significant bullish factor. Moreover, other good news followed, further solidifying its position in the cryptocurrency market. According to CoinGape, Binance has recently expanded the trading territory of Shiba Inu Coin. This well-known cryptocurrency exchange has begun to provide spot grid and spot DCA services for SHIB/USDC. This move is like paving the way for more funds to flow into the Shiba Inu Coin ecosystem. A broad road has been opened. The above-mentioned sharp increase in the destruction rate and the optimization and upgrade of trading products have made the entire cryptocurrency market full of optimistic expectations for Shiba Inu Coin and its price trend. Looking at price performance, as of the time of writing, its lowest price within 24 hours was $0.00002435 and its highest price was $0.00002644. Combined with the surge in the SHIB burning rate and changes in the supply structure of the asset market, Shiba Inu Coin shows a clear bullish trend. Additionally, CoinGape’s latest analysis of Shiba Inucoin price points out that the meme coin is very likely to experience a parabolic rise given the multiple bullish patterns emerging on the token’s price chart. Overall, recent market data fully demonstrates that Shiba Inu Coin has considerable upside potential amid the current meme coin market craze.
