The Shiba Inu cryptocurrency destruction rate surged 1,000% today, driving the price of SHIB higher. Despite some bearish trends in the market, the token has shown resilience, inspiring bullish thoughts on future price action.

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Shiba Inu, one of the world’s highest-valued meme cryptocurrencies, has once again sparked discussions in the crypto space. Despite the recent sharp sell-off, the price of Meme Coin has shown incredible resilience, defying market norms and maintaining its upward trajectory above the critical resistance level of $0.00002315 at press time.

This phenomenon has led to significant optimism in the market for the dog-themed meme cryptocurrency. Meanwhile, another bullish factor appears to be aiding the coin’s upward momentum.

Shiba Inu burn rates soar 1,000 percent: report

Insights from tracker Shibburn show that the Shib token burn rate has surged a staggering 1,009% in the past 24 hours, with 29.11 million SHIBs destroyed. The significant increase in the token burn rate is a mechanism designed to strengthen the SHIB token economy, further shrinking the cryptocurrency’s market supply.

As SHIB’s destruction rate surged by 1009%, the price trajectory maintained its upward momentum, rising in sync with the broader market trend. Mainly, as the destruction rate surged, SHIB once again broke through the $0.000025 mark today, an important psychological level for the token. This further aroused great curiosity among investors about Shiba Inu, and cryptocurrency market participants optimistically speculated on the future price trend of the token.

It’s worth noting that despite wallets selling 211 billion Bitcoins in the past day, the Shiba Inu has shown considerable resilience and maintained its upward momentum.

Shiba Inu prices soar

At the time of writing, SHIB’s price has increased by 7.46% in the past 24 hours and is currently trading at $0.00002472. The meme coin’s market cap is up 7.48%, with a further 9.43% increase in 24-hour trading volume. This has pushed the coin into a bullish phase today, with on-chain data further fueling investor optimism.

Coinglass data shows SHIB liquidations worth $903.9 million, highlighting a significant reduction in selling pressure compared to previous data. In addition, open interest surged 13.73% to $64.76 million, indicating growing investor interest in dog-themed meme tokens.

Meanwhile, the Shiba Inu crypto community has also recently ruled out a hard fork upgrade for Shibarium, adding a bullish tone to its crypto journey. Overall, the above data brings hope for the future of SHIB, and cryptocurrency market enthusiasts continue to pay attention to the coin.