Shiba Inu's 5,000-fold surge in destruction rate indicates an upcoming price increase
While the price of Shiba Inu (SHIB) fell 8% to $0.00001841 in the past 24 hours, while the entire cryptocurrency market fell 3.5%, SHIB, as a meme token, rose 25% in the past week and 37% in two weeks. Behind this rise is the amazing increase of its destruction rate by nearly 5,000 times in a week.
SHIB's meme token characteristics may mean that it has the ability to recover quickly from the current downturn. Some indicators show that SHIB may be about to rebound after a day of decline. It is particularly noteworthy that its resistance and support levels are about to converge, which indicates that a big price breakthrough may be imminent. At the same time, SHIB's relative strength index fell to 30 this morning, which is often seen as a signal that the price is about to rebound.
In addition, SHIB's 24-hour trading volume reached $800 million, far higher than $300 million a week ago, indicating that the market demand for SHIB is continuing to grow. The surge in SHIB’s destruction rate was driven by the Bor update released by Shibarium in August, which enabled a mechanism for increasing destruction, further optimizing SHIB’s token economics and ecosystem.
Even more exciting, the SHIB team announced that SHIB: Metaverse will premiere in the “near future”, which will make Shiba Inu the core of the SHIB ecosystem, further driving its price up. Market analysts predict that as the market improves, SHIB prices are expected to reach $0.000030 in November, and may even rise to $0.00004 by 2025.
