Shocking! SHIB (Shiba Inu Coin) is hot and the market is paying attention!
In the past 24 hours, the destruction rate of SHIB (Shiba Inu Coin) has soared by a staggering 863.58%. A total of 107,081,056 SHIBs have been permanently destroyed and removed from circulation. This brings the total number of SHIBs destroyed in the past week to 368,456,226! This number has undoubtedly caused a great shock to the market.
For those who are not familiar, "destruction" is a deflationary mechanism that reduces the total supply, making the remaining tokens more scarce, which may drive up their value. Considering the huge supply of SHIB, such a large destruction volume has undoubtedly had a significant impact on its market dynamics!
However, despite such a staggering destruction rate, the price of SHIB remains relatively depressed, reflecting the trend of the entire cryptocurrency market. Currently, it is trading at around 0.00002176, having gained just $0.41340.81 million in the past 24 hours.
From a technical analysis perspective, SHIB’s performance can be described as mixed. Its relative strength index (RSI) is 39.71, which suggests that it is neither overheated nor overcooled. The RSI is a momentum oscillator that measures the speed and change of price movements.
Thankfully, though, SHIB’s price remains above its 200-day exponential moving average (EMA) and 200-day simple moving average (SMA). These two widely followed indicators help smooth out price action over a specific time period. Trading above these averages is often viewed as a bullish sign, suggesting that SHIB’s long-term trend may remain positive despite recent price weakness.
