The destruction rate of $SHIB skyrockets by 4500%, ushering in the eve of a big surge!
On Thursday, SHIB once again stirred a wave of optimism in the vast market, with its destruction rate astonishingly soaring by 4500%.
The latest destruction data reveals that over 50 million tokens have been permanently removed from circulation, highlighting the immense potential for Shiba Inu's future rise. Meanwhile, the daily performance of this popular token has also been extraordinary, adding more confidence for retail investors regarding its future direction.
According to data from the official destruction tracker Shibburn on November 28, SHIB's destruction rate surged by 4483% in the past day. This significant increase is primarily due to the destruction of 53.61 million tokens. After the destruction, the market supply of this dog-themed MEME coin fell to 589.26 trillion tokens.
From preliminary analysis, SHIB's token destruction mechanism has led to a decrease in asset supply, which, according to the law of supply and demand, is undoubtedly a bullish signal. Meanwhile, other positive events seem to further solidify Shiba Inu's position in the market.
Notably, as reported by CoinGape, Binance has recently expanded the trading varieties of SHIB. This leading cryptocurrency exchange has launched SHIB/USDC spot grid trading and spot DCA, paving the way for more capital inflow into the SHIB ecosystem.
Overall, the soaring destruction rate and the increase in trading varieties have brought a wave of optimism for SHIB and its price trend.
As of the time of writing, SHIB's price has risen by 2%, reaching $0.00002521. The token's 24-hour low and high prices are $0.00002435 and $0.00002644, respectively.
As mentioned above, under the backdrop of the soaring destruction rate and increased trading varieties, SHIB is showing an upward trend.
At the same time, CoinGape's recent analysis of SHIB's price indicates that this MEME coin is also expected to experience a big surge.
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