Shiba Inu (SHIB) Community: Price rises slightly, destruction rate increases sharply

Although the price of SHIB tokens has risen slightly, its destruction rate has increased significantly. According to the latest data, the SHIB destruction rate has increased by 62.58% in the past 24 hours, and about 6.9 million SHIB tokens have been withdrawn from circulation through 10 transactions.

Among the 10 transactions, the largest single destruction scales were 2.55 million SHIB, 1.5 million SHIB, and 1 million SHIB. 57.6 million SHIBs were destroyed last week, a decrease of nearly 57% from the previous week, and the weekly destruction rate showed a downward trend.

Despite the increase in the destruction rate, the SHIB price did not clearly reflect this trend. SHIB rose slightly by 0.1% in the past 24 hours and rose by 1.6% last week, which was not as good as other meme coins such as PEPE, BOME and FLOKI.

Since the birth of SHIB, the total destruction volume is about 410.73 trillion SHIBs, and the current circulation volume is about 582.99 trillion SHIBs, and another 6.28 trillion SHIBs are locked in various staking platforms.

Shibarium Downturn and Price Prediction

Shibarium Layer-2 solution aims to enhance the scalability and efficiency of Shiba Inu, but on-chain activity has slowed down.

The number of daily transactions has dropped to 11,91k, a sharp decrease of more than 90% from 121,91k transactions in the middle of last month. The total number of transfers reached 417.5 million, and 1.8 million wallets are currently connected.

A descending wedge pattern has formed on the one-day timeframe. A breakout of this pattern could cause the SHIB price to surge by more than 50%, pushing it to around $0.000035.

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