Shiba Inu Coin's destruction rate skyrockets by 6200%! Can it reach $1?
The crypto world has exploded again! Shiba Inu Coin (SHIB) saw its destruction rate soar by 6200% on Monday, shocking everyone. With so many tokens being destroyed, people are wondering: is this the rhythm to reach $1?
Destruction rate hits a new high, what's going on?
According to Shibburn data, over 290,000 SHIB tokens were destroyed in the past 24 hours, with the destruction rate surging by 6223%! Just last week, 135 million tokens were removed from circulation, leaving a total supply of 589.26 trillion. Destroying so many tokens aims to reduce supply and increase scarcity.
Why are retail investors optimistic about SHIB?
It’s all about supply and demand; with less supply, the price is naturally easier to increase. Recent destruction activities have made investors optimistic, thinking that this meme coin is about to rise.
Let’s look at SHIB's performance; the current trading price is $0.00002511, up 4% in 24 hours. Both the lowest and highest prices are fluctuating within a healthy range.
Can SHIB reach $1?
Hoping for SHIB to reach $1 is not that easy. With the current supply being so high, it relies on a few conditions: the destruction rate must continue to rise, there must be large-scale applications, and the market must be supportive.
The futures market is also optimistic about SHIB
Data from Coinglass shows that the open contracts for SHIB futures have increased by 6%, now valued at $93 million. This indicates that more investors are betting on SHIB's future price, and the token may still rise.
The future of Shiba Inu Coin
While $1 is a dream, the recent destruction activities have indeed excited the community. The future will depend on whether the destruction can be sustained, whether utility can increase, and whether investor interest can be maintained. SHIB is currently a hot topic and certainly won’t disappear easily.
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