Shiba Inu's amazing burning skyrocketed, but why did the price fall?

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Despite market volatility, Shiba Inu (SHIB) has attracted investors' attention, with the destruction rate surging 4,100% in 24 hours, and about 21.7 million SHIBs were permanently destroyed. This move has rekindled interest in SHIB in the cryptocurrency field.

Impact of the surge in destruction rate

SHIB's destruction rate represents the number of tokens removed from circulation, an operation designed to increase scarcity and increase the value of the token. The recent large-scale destruction, mainly driven by a single transaction, reduced a large amount of supply and may have stimulated market sentiment. However, despite the huge destruction, SHIB prices fell by 11%.

Whale activity and market reaction

As the destruction rate increased, the number of whales also increased significantly, and SHIB's trading volume rose 2,000% in 24 hours to $750 million. Large investors may increase their holdings or adjust their portfolios.

Future Outlook

Despite the current low price, the Shiba Inu community remains optimistic about the future of SHIB and believes that the destruction operation will help future price rebound. However, due to market uncertainty, investors should remain cautious and pay close attention to changes in whale activity and destruction rates.

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