Today, Shiba Inu's burning rate surged over 6200%, igniting investor optimism and suggesting that SHIB's price may rise to 1 dollar in the future.
On Monday, Shiba Inu's (SHIB) destruction rate skyrocketed to 6200%, rapidly triggering high attention and optimism from global investors. With the surge in destruction, SHIB's market supply has significantly decreased, and this change is seen as a positive signal for enhancing token scarcity, prompting investors to closely monitor its potential impact on price.
Driven by this positive news, SHIB's price surged significantly during the trading session, raising market expectations for its future trend. The spike in destruction rate has not only enhanced market confidence in SHIB but also injected new vitality into the overall ecosystem of meme tokens. For investors, this is a key moment to closely track market trends and assess potential investment opportunities.
Shiba Inu's burning rate surged by 6200%, sparking bullish sentiment in the market.
According to the latest data provided by the Shibburn tracker on November 18, the destruction rate of Shiba Inu (SHIB) soared by 6223% in the past day. A total of 290,321 tokens were destroyed that day, and this massive destruction has attracted widespread attention in the market.
This destruction significantly reduced the circulating supply of SHIB, making it particularly noteworthy in the current bullish market context. As investors turn their attention to top meme tokens, this dynamic further solidifies SHIB's position in the market and promotes its potential value as a scarce asset.
This surge in destruction rate once again proves the SHIB ecosystem's commitment to token dilution management, providing investors with more reasons to pay attention.
At the same time, as of the report, the total supply of the token is estimated at 589.26 trillion, and the aforementioned surge in destruction has exacerbated this situation. Additionally, it is worth mentioning that over the past week, the supply of this meme token has decreased by 135 million SHIB. Overall, as the supply has suffered a huge blow, market sentiment towards the token's price has turned bullish, reflecting the laws of supply and demand.
Is it possible for SHIB to reach a price of 1 dollar?
As of the time of writing, the price of Shiba Inu (SHIB) has risen by 4% during trading, currently priced at 0.00002511 dollars. In the past 24 hours, the token's lowest price was 0.00002403 dollars, and the highest price was 0.00002563 dollars. This upward trend is closely related to the previously mentioned surge in destruction rate, indicating that market attention towards this meme token continues to heat up.
Additionally, according to Coinglass data, SHIB's open interest (OI) in futures contracts increased by 6%, reaching 93 million dollars, further reflecting investors' strong interest in this asset. This growth lays the foundation for SHIB's future bullish trend.
It is noteworthy that CoinGape Media's analysis of SHIB's price indicates that while the token has further upside potential, the target of reaching 1 dollar still seems overly optimistic. In the bullish market environment following the U.S. elections, market observers are closely monitoring SHIB's price movements and other potential catalysts.
