Highlights
Dogecoin's destruction rate has surged significantly, dealing a heavy blow to token supply.
Over 50 million coins have been destroyed, while at the same time, the asset has encountered a bullish event in the market.
SHIB price has risen nearly 5%, with investors expecting further increases after recent gains.
On Thursday, Dogecoin once again sparked bullish sentiment in the market, with SHIB's destruction rate soaring by 4500%. The latest destruction data shows that over 50 million Dogecoins have been destroyed from circulation, highlighting the potential of this cryptocurrency. Furthermore, even the intraday performance of meme coins shows significant gains, injecting more optimism into the future trends of cryptocurrency.
SHIB destruction volume soars by 4500%, with over 50 million SHIB destroyed.
According to data from the official destruction tracking agency Shibburn on November 28, the SHIB destruction rate soared by 4483% in the past day. This significant spike is primarily attributed to the destruction of 53.61 million tokens. Additionally, after the token destruction, the market supply of the dog-themed meme cryptocurrency totals 589.26 trillion SHIB.
At first glance, the token destruction mechanism of meme coins leads to a decrease in asset supply, which is a bullish factor according to supply and demand principles. At the same time, other bullish events seem to strengthen the market position of cryptocurrency.
According to CoinGape, it is worth noting that Binance has recently expanded the trading range of Shiba Inu coin. The leading cryptocurrency exchange has begun offering spot grid and spot DCA for SHIB/USDC, paving the way for further capital inflow into the token ecosystem.
Overall, the surge in burn rate and enhanced trading products have brought optimistic enthusiasm to cryptocurrency and its price trends.
Dogecoin rises by 5%.
As of the time of this writing, Shiba Inu's price has risen by 5% to $0.00002557. The token's 24-hour low and high prices are $0.00002435 and $0.00002644, respectively. As mentioned, in the context of the soaring SHIB destruction rate and enhanced asset market supply, this token presents a bullish trajectory.
At the same time, CoinGape's recent analysis of SHIB's price indicates that this meme coin is also expected to exhibit parabolic growth. This analysis was conducted against the backdrop of multiple bullish patterns appearing on the token charts. Overall, recent market statistics suggest that amidst the recent meme coin market frenzy, Shiba Inu coin holds significant upward potential.