SHIB Destruction Surges 3,400%: Can the Shiba Inu Craze Continue?
According to the latest data from official tracker Shibburn, SHIB destruction surged 3,454%, with 2.02 billion coins withdrawn. Moreover, according to the data, wallet address 0x2c.. is the main reason for the surge in destruction rate.
And, along with the sharp rise in destruction rate, the meme token has achieved a weekly destruction rate growth of 1,987%. Such a large surge further arouses people's optimistic expectations. After all, in the past seven days, a whopping 4.23 billion tokens have been destroyed.
In the big picture, as of the time of reporting, the dog-themed meme token has a total supply of 589.25 SHIB in the market with the increase in destruction rate. This situation has triggered extremely strong bullish sentiment in the market for the future price trend of Shiba Inu, which is consistent with the basic law of supply and demand.
During this time, it is worth noting that major players in the SHIB space have recently increased their holdings by billions of tokens.
This massive buying activity further paves the way for the bullish outlook for the meme cryptocurrency as token burns continue to reduce supply.
At the time of writing, SHIB has seen a nearly 1% increase in the past 24 hours and is currently trading at $0.00003001. Its intraday low was $0.00002866 and its high was $0.0000307.
Not only that, the meme token is up 22% on the weekly chart and 70% on the monthly chart. This bullish price trajectory matches the increase in token purchases and the continued destruction of SHIB.
The meme token has a high probability of doubling in price in the near future. This bullish outlook comes as the coin is in a stable consolidation phase, aiming to accumulate sufficient momentum for a potential subsequent breakout.
