The destruction rate of $SHIB suddenly surged by 1068%, which is simply astonishing!
Although the price of this coin has slightly declined recently, the destruction rate has shot up like it’s been injected with adrenaline. This reversal is truly strange, especially since the overall market is not doing well. However, some people believe that the spike in destruction rate might be because investors are becoming interested in SHIB again, and perhaps this could help push SHIB's price back above $0.00003.
In the past 24 hours, over 51.76 million SHIB have been destroyed, which is an astonishing rate, with several million being reduced every hour. This indicates that the supply of SHIB is rapidly decreasing, which is no small matter.
However, to be fair, the destruction rate of SHIB hasn't always been this aggressive. At the beginning of this month, it had dropped by 90%, destroying only 413,000 SHIB in a day, which is a stark contrast to the 250 million destroyed the previous week. The decrease in SHIB's destruction rate and the price drop happened simultaneously, which is certainly worth noting.
This dog-themed meme coin, SHIB, had a hard time breaking the $0.00003 barrier before dropping back down. Now its MVRV has also decreased by over 3%, meaning that holders of SHIB may have lost some money over the past week.
Additionally, the number of daily active addresses for SHIB has also decreased significantly, dropping from 6.26 billion on December 2nd to the current 3.15 billion. These key data points are not looking good; it seems SHIB may need to undergo another round of price adjustment.
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