Shiba Inu's burn rate soared 1000%, SHIB price is about to hit a new high?

Today, the destruction rate of Shiba Inu (SHIB) soared by more than 1000%, sparking discussions about the possibility of a sharp increase in its price. At the same time, the price of SHIB also rose by nearly 6%, which made the entire cryptocurrency market pay more attention to the future trend of this meme coin.

SHIB destruction rate surges

According to the Shibburn platform, today Shiba Inu's destruction rate soared by 1041.91%, and more than 6.54 million SHIB tokens were destroyed in the past 24 hours. Such a large increase in destruction has triggered expectations that SHIB's price will soon rise. Most of these tokens were destroyed from a wallet called "0x608….9fe80", which destroyed 2.14 million tokens in two transactions, showing the community's positive attitude towards reducing the supply of SHIB.

SHIB price rises

As the destruction rate surges, the price of SHIB has also risen by nearly 6%, and the current trading price is $0.00001758. In the past 24 hours, SHIB's price once reached a high of $0.00001789. At the same time, SHIB's trading volume also increased by 23% to $507.35 million, showing investors' growing confidence in this top meme coin. In addition, CoinGlass data shows that the open interest of SHIB futures increased by 20% to $52.93 million, reflecting the optimistic market sentiment.

SHIB's future upside potential

Recent price analysis points out that Shiba Inu's price may rise further, especially driven by the rise in Bitcoin's price. As the leader of the entire crypto market, Bitcoin's price fluctuations usually affect the trend of other altcoins. Analysts believe that if Bitcoin continues to rise in the next few days, SHIB and other meme coins may usher in a new round of gains.

Shiba Inu's destruction mechanism is undoubtedly one of the driving forces behind its price increase. By reducing the supply of tokens on the market, the destruction activity provides room for price increases. At the same time, community support is also growing, and more and more people are participating in the destruction action, further reducing the circulating supply of SHIB.

In the coming days, the price of Shiba Inu may continue to rise along with the trend of Bitcoin and other altcoins. If you want to seize this opportunity, it is recommended to pay close attention to market dynamics and act in time.