Recently, the destruction rate of Shiba Inu Coin (SHIB) has increased significantly, which has attracted widespread market attention. According to data from Shibburn, SHIB’s burn rate surged by 14,570% in one day, a change that may signal an increase in SHIB’s price. In the past 24 hours, approximately 279.65 million SHIB tokens were destroyed, bringing the total amount of SHIB destroyed to 410.73 trillion [^1117^].

This burning behavior has an impact on the market supply of SHIB, because the burning of tokens is equivalent to reducing the circulation in the market. Typically, this reduction in supply leads to an increase in the price of the asset, as the value of the remaining tokens is likely to increase as the supply decreases.

Currently, the price of SHIB has increased, with the transaction price at $0.00001812, and the transaction volume has also increased by 31%, reaching $319.74 million. Additionally, SHIB’s open interest also rose by about 7%, according to CoinGlass data, showing that market confidence in the cryptocurrency is growing.

Under such market sentiment, some believe that the price of SHIB may sprint to the $1 mark. However, it should be noted that although the surge in the destruction rate may have a positive impact on the price of SHIB, market price fluctuations are also affected by a variety of factors, including market supply and demand, investor sentiment, macroeconomic environment, etc. Therefore, investors should comprehensively consider various factors and pay attention to risk management when making investment decisions.