Today, SHIB’s destruction rate surged by 320%, stimulating market optimism and suggesting that Shiba Inu Coin may experience a significant rise. According to data from Shibburn, 10.31 million tokens were burned in 24 hours, driving market expectations for future price movements. Although the current SHIB price has dropped to $0.00001801, trading volume has increased by approximately 9%, and relevant analysis predicts that the currency is expected to achieve a triple-digit increase of 283%. Overall cryptocurrency market sentiment is positive, especially on the back of a positive October.
Today, SHIB destruction increased by 320%, sparking market optimism, which is consistent with recent Shiba Inu price analysis, indicating that a potential triple-digit rise is imminent.
SHIB destruction rate increased by 320%, price increase is coming?
The cryptocurrency market has seen a surge in optimism due to the recent 320% increase in SHIB destruction. During this time, this development has also sparked speculation on its potential impact on Shiba Inu prices, with many predicting a possible surge in the coming days.
Additionally, the recent surge in interest in the meme currency space has also reinforced speculation about potential price increases for cryptocurrencies and the broader sector.
SHIB destruction rate increased by 320%
The latest Shiba Inu destruction rate tracker Shibburn data shows that the SHIB destruction rate has increased by 320%, which has triggered market optimism. The latest data shows that 10.31 million tokens have been destroyed in the past 24 hours, which has significantly increased the recent destruction rate.
Source: Hibben
Investors were attracted to two addresses that destroyed 6.94 million and 3.31 million tokens in the past 24 hours. Meanwhile, the self-proclaimed “Dogecoin Killer” has gained a lot of momentum recently due to his destruction.
In the past 24 hours, Shiba Inu has seen a massive increase in firepower of approximately 33,000%, resulting in over 1 billion tokens being burned. That being said, the recent increase in the burn rate has sparked speculation that Shiba Inu’s price could rise.
To provide context, the burning of tokens reduces the total supply of tokens on the market, which usually increases the total supply of tokens on the market. As of this writing, the total circulating supply is 583.50 trillion, with 410.73 trillion tokens destroyed from the initial supply.
What will be the future price of Shiba Inu?
Despite the spike in SHIB destruction rates, SHIB prices are still down more than 8% today, trading at $0.00001801. Its trading volume is up about 9% to $580.77 million. Notably, the price drop of one of the most popular meme currencies has coincided with a drop in momentum in the broader cryptocurrency market.
Nonetheless, recent Shiba Inu price analysis suggests that the dog-themed meme coin is on track for triple-digit gains of around 283%. This further adds to the favorable sentiment in the market as investors are keeping a close eye on the cryptocurrency.
On the contrary, October and the fourth quarter are considered bullish months for Bitcoin and major altcoins. However, the market expects cryptocurrencies to rebound in response to the prevailing continued favorable sentiment.
