Shiba Inu Coin (SHIB) is once again in the spotlight as its destruction rate has surged by a staggering 530% in the past 24 hours. The massive increase in the destruction rate has reignited market optimism among cryptocurrency enthusiasts, sparking hopes that SHIB’s price could rise.
Notably, the recent gains come after a peak in activity earlier this week that briefly waned.
Shiba Inu Coin Burn Rate Soars 530%
Data from Shibburn shows that Shiba Inu’s destruction rate has surged significantly, surging 529.72% in the past day. This surge has caused 37.53 million SHIB tokens to disappear from circulation, with one specific wallet 0xa9d…d3e43 destroying approximately 10.02 million SHIB tokens in a single transaction.
It is worth noting that the significant increase in the destruction rate has attracted great attention from the cryptocurrency community and has reignited optimism about the price prospects of SHIB. It is worth noting that token destruction is a strategic mechanism used to reduce the total supply of a cryptocurrency, pushing up prices by increasing scarcity.
The Shiba Inu community actively adopts this SHIB destruction method to manage supply with the aim of increasing its value. To date, a total of 410 trillion SHIB tokens have been destroyed from the initial supply, leaving a circulating supply of 583.31 trillion SHIB.
Will prices go up?
The recent spike in the burn rate has led many investors to speculate that SHIB’s price could rise. Historically, large burns of tokens have had a positive impact on cryptocurrency prices by reducing supply. With the recent spike in the burn rate, the Shiba Inu community is hoping that SHIB will achieve similar results.
SHIB's Future Predictions
Currently, Shiba Inu is targeting the $0.000021 resistance level. A breakout above this barrier could set the stage for further gains targeting higher levels, such as $0.000022, which is equivalent to the weekly opening price. Such a move could signal a new wave of buying activity in a shorter time frame, potentially reigniting bullish sentiment among investors.
However, overall market conditions remain uncertain. Shiba Inu continues to show a pattern of lower lows and lower highs on the hourly chart, suggesting that the bearish momentum could persist. If this trend continues, the coin could revisit February’s surge levels around $0.000011 before sustaining any significant recovery.
Key support and resistance levels
As the Shiba Inu navigates through this turbulent period, several key levels have emerged as crucial markers for its short-term trend. An immediate support level after the recent up move is $0.000017. If the price declines, additional support levels could be found at $0.000011 and $0.00000769, which could prove vital in cushioning further declines and providing a rebound opportunity.
Finally, there are still many things that are not written down, such as specific opportunities and specific decisions. These things are often not something that can be summarized in one article.
