On Friday, the Dogecoin killer Shiba Inu sparked investor optimism across the cryptocurrency market, with a sharp spike in SHIB destruction rates. Notably, the memecoin’s destruction mechanism recorded a whopping 33,000% gain today, sparking optimism as SHIB prices surged by more than 20% in the past 24 hours. Meanwhile, the memecoin space reflected bullish market sentiment, with Dogecoin (DOGE), Pepecoin (PEPE), and dogwifhat (WIF) prices rising simultaneously.
SHIB destruction rate soared 33,000%, destroying more than 1 trillion SHIB
According to data released by tracker Shibburn on September 27, the Shiba Inu destruction rate surged by a staggering 33,818% today. The surge is mainly attributed to the destruction of 1.88 trillion coins in the past 24 hours. The significant drop in supply seems to have sparked bullish sentiment across the market for this popular dog-themed meme coin.
At the same time, according to data, as of press time, the total supply of SHIB has been greatly reduced to 589.26 trillion. In addition, it is worth mentioning that an unknown address 0x4ba.. transferred 1.87 billion SHIB to the destruction address in the past day, which is the main reason for the surge in SHIB today.
At the same time, Shiba Inu coins also began to embark on a remarkable upward trajectory.
SHIB price surges more than 20%
At press time, SHIB price has surged nearly 21% in the past 24 hours to $0.00001932. The token’s 24-hour low and high prices were $0.0000163 and $0.00001935, respectively. Interestingly, intraday trading volume surged 223% to $1,405,505,862. In addition, today’s price increase reflects the bullish impact of the surge in SHIB’s destruction rate.
In addition, it is worth noting that the price increase of memecoins is in line with the trend of the broader market. In the memecoin sector, PEPE rose 18% to $0.00001022 today. In addition, Dogecoin soared 11% to $0.1233. Despite this, the "Dogecoin Killer" Shiba Inu still led the market today.
A recent report from CoinGape Media highlighted that on-chain activity for the Shiba Inu coin has also increased significantly of late. This includes strong growth in trading volume, strong SHIB circulation, and an increase in whale trading, which brings additional optimism to the coin. All in all, the SHIB burn and recent market data helped the coin become the biggest gainer in the entire market.
Coinglass data today shows that Shiba Inu futures OI rose 55% to $65.14 million. In addition, derivatives market trading volume surged 338% to $679.77 million. The above market data, coupled with today's price action, suggests that the token is currently in an uptrend.
