Shiba Inu Coin (SHIB) destroyed 21.7 million tokens in 24 hours, but the price fell 11% instead of rising?
Recently, the destruction rate of Shiba Inu (SHIB) has seen a remarkable increase, soaring 4,100% in just 24 hours, destroying nearly 21.7 million SHIB tokens.
This sudden increase reflects the Shiba Inu community's strategy of reducing the circulating supply and increasing scarcity through destruction.
Reason for destruction: The sharp increase in SHIB's destruction rate helps to reduce the number of tokens circulating in the market, theoretically enhancing the scarcity of the remaining tokens, thereby driving up prices.
In particular, nearly 21 million tokens were destroyed at one time, and this supply reduction usually has a positive impact on market confidence.
Market performance: Despite the sharp increase in destruction, the price of SHIB did not rise as expected, but fell 11% in 24 hours to about $0.00002168.
This reflects that despite the significant increase in the destruction rate, price fluctuations are still affected by the overall environment, especially macroeconomic factors of the entire digital currency market.
Community sentiment: Despite the current poor performance of SHIB prices in the short term, Shiba Inu community members remain optimistic about its future. Large-scale destruction activities are seen as a strategy to increase scarcity, which may increase prices in the future.
Market trends: Currently, SHIB has a market capitalization of approximately $12.4 billion, but overall market volatility continues, resulting in widespread liquidations (including more than $711 million in assets being liquidated).
Future potential: Despite the price decline, SHIB's destruction activities and the increase in whale trading volume indicate that the market remains highly concerned about SHIB's potential.
Investors should proceed with caution, especially paying attention to whale activity and destruction rates, which will largely affect the future direction of SHIB.
