As SHIB ranks among the best-performing meme coins, whether it can reach $1 has become the focus of heated discussion in the market.
Recently, SHIB has not only achieved a leap in price, but its destruction rate and market value have also increased significantly. This gorgeous turn has undoubtedly injected a shot in the arm into the market. SHIB's destruction rate soared by an astonishing 781%. With this positive signal, its currency price also rose. This revival not only stimulated the infinite vitality of the SHIB community, but also triggered widespread imagination and heated discussion in the market about its future development potential.
At this moment, the bullish forces of SHIB are struggling to hit a crucial price level. There are many addresses holding large amounts of SHIB here. Every breakthrough embodies the market's expectations and investors' beliefs. An in-depth analysis of the reasons behind SHIB's price fluctuations reveals that the overall sentiment of the Bitcoin market has had a profound impact on it. As market sentiment gradually improved, investor confidence was restored and funds began to flow back, thus driving up the price of SHIB.
In addition, the sharp increase in SHIB's destruction rate is also an important driver of its price increase. In just 24 hours, more than 18 million SHIB were destroyed. This move effectively reduced market supply and enhanced market scarcity expectations, thus forming a strong support for prices.
Furthermore, the activity of giant whales has increased significantly, which has had a profound impact on SHIB prices. According to CoinMarketCap data, SHIB’s huge transaction volume surged by 21.54% in the past 24 hours, reaching a staggering $451 million. This surge indicates that whales are actively hoarding or transferring SHIB, and their actions often herald changes in market winds and increased price volatility.
The market has experienced a slump, and copycats have generally corrected. Next, I will prepare some currencies suitable for bargain hunting and put them in my "Return to Capital Plan". If you get lost, come to Jianjie to find your way! Choice is greater than effort!
