SHIB destruction rate soars, price is about to recover!
Friends in the currency circle, Shiba Inu Coin (SHIB) has been very popular recently, and the destruction rate has soared by more than 2600%! This is not a small amount, and it has attracted everyone's attention. They speculated whether this is a precursor to SHIB's recovery?
According to the latest data from Shibburn, 14.91 million SHIBs were destroyed in just 24 hours, with a growth rate of 2611%! This speed is faster than a rocket. So far, the community has destroyed 410.72 trillion SHIBs, accounting for...well, it's a large proportion of the total supply.
The destruction of tokens is a very ruthless move, which directly reduces the supply in the market. According to the principles of economics, if supply exceeds demand, the price will naturally go up. Therefore, this wave of destruction craze has given many investors hope for SHIB to appreciate.
However, don't be too happy too early, the market is always full of variables. Although the destruction rate has soared, SHIB's NVT (network value to transaction volume) ratio has also reached its highest point in a year and a half, which means that SHIB may have been overvalued. In short, the current price may be a bit too high, and you have to be careful of a pullback.
SHIB's relative strength index (RSI) has not been able to stabilize in the bullish area, indicating that the buying power is not strong enough and the selling pressure is rising. If this continues, the price of SHIB will have to go down.
So, how will SHIB go in the future? To be honest, no one can say for sure now. If the market sentiment is good, SHIB may rush to $0.000016 or even higher. But if bearish sentiment prevails, it is not impossible to fall below $0.000015.
Coin circle dry goods, click on the avatar to follow me, bull market 100 times potential coin deployment, and daily spot strategy enjoy!
