Shiba Inu coin destruction rate soars 530%, will SHIB price see a big rise?
Today, the destruction rate of Shiba Inu coin (SHIB) surged by nearly 530%, sparking heated discussions in the market about the possibility of a sharp rise in its price. In the past 24 hours, SHIB's destruction rate has increased significantly, inspiring optimism among cryptocurrency enthusiasts, and they have speculated whether SHIB's price will rise accordingly.
Data shows that Shiba Inu's destruction rate has soared 529.72% in the past day, causing 37.53 million SHIB tokens to disappear from circulation. Among them, a specific wallet (address 0xa9d...d3e43) destroyed about 10.02 million SHIB tokens in a single transaction.
Token destruction is a strategic mechanism that increases the scarcity of a cryptocurrency by reducing its total supply, thereby driving up its price. The Shiba Inu community actively adopts this method to manage supply in order to increase its value. To date, 410 trillion SHIB tokens from the initial supply have been destroyed, and the current remaining circulating supply is 583.31 trillion SHIB.
A recent report revealed plans to use in-app purchase revenue from the Shiba Eternity Web3 game to further support the destruction of SHIB and LEASH tokens. This announcement has fueled market expectations that the increased destruction rate, coupled with the strategic use of game revenue, could have a positive impact on SHIB's price trend.
The recent spike in the destruction rate has many investors speculating that SHIB's price could rise. Historically, large-scale token destruction usually has a positive impact on cryptocurrency prices by reducing supply.
During this period of rising heat, it is particularly important to seize opportunities. This period may be a good investment node.
