Shiba Inu’s destruction rate surged by 14,575% today, with recent SHIB price analysis suggesting the cryptocurrency could hit the $1 mark in the coming days.

The Shiba Inu destruction rate surged by more than 14,570% today, garnering a lot of attention from investors. Additionally, this surge was accompanied by a surge in SHIB prices today, with recent analysis suggesting the meme coin will break out significantly. Notably, one wallet address has caught the attention of investors, and this single address alone has contributed a greater percentage to the recent spike in destruction rates.

Shiba Inu burning rate soared 14570%

According to Shibburn data, the Shiba Inu burn rate has spiked significantly today, surging 14,575.02% in the past 24 hours. Notably, a total of 279.65 million SHIB tokens have been removed from the circulating supply since yesterday.

As of the time of writing, a total of 410.73 trillion meme coins have been destroyed. However, despite the huge amount of destruction, the current circulation remains at 583.53 trillion. It is worth noting that the wallet address "0xa9d...d3e43" has received a lot of attention today. This address alone has destroyed approximately 277.58 million meme coins today.

Meanwhile, the recent SHIB destruction spree has caught the attention of investors, sparking speculation about a possible rise in cryptocurrency prices. In addition, top meme coins are now seeing a sharp rise amid an overall recovery in the cryptocurrency market.

However, the spike in burn rates appears to have further boosted market confidence. For context, the removal of tokens boosts market sentiment as it typically reduces market supply, which helps boost asset prices.

Will SHIB price reach $1?

As the Shiba Inu destruction rate spikes today, discussions are heating up as to whether the SHIB price will reach $1 in the coming days. Recent Shiba Inu price analysis hints that the meme coin could reach the major $1 level under several conditions.

As of writing, SHIB price is up over 2% and trading at $0.00001812, while its trading volume is up 31% to $319.74 million. In addition, CoinGlass data shows that Shiba Inu open interest is up about 7% today, indicating growing market confidence in cryptocurrencies.

Meanwhile, another recent analysis suggests that SHIB whale activity could be driving strong growth in the cryptocurrency. Taking this into account, along with today’s sharp rise in SHIB destruction rates, investors appear to remain optimistic about the future prospects of the meme coin.