Shiba Inu Coin destruction rate soared 530%! Is SHIB price about to take off?
Today, the destruction rate of Shiba Inu Coin (SHIB) soared by nearly 530%, sparking widespread discussion in the market about its potential price impact.
Data shows that the destruction rate of Shiba Inu Coin soared 529.72% in the past 24 hours, causing 37.53 million SHIB tokens to disappear from circulation. Among them, the wallet address 0xa9d...d3e43 destroyed about 10.02 million SHIB tokens in a single transaction. This significant increase in the destruction rate has attracted great attention from the cryptocurrency community and ignited optimism about the price prospects of SHIB.
Token destruction is a strategic mechanism to reduce the total supply, pushing up prices by increasing scarcity. The Shiba Inu community actively adopts this method and has destroyed 410 trillion SHIB tokens to date, reducing the circulating supply to 583.31 trillion.
The recent surge in the destruction rate has given many investors hope for SHIB price action. Historically, large token destruction tends to have a positive impact on cryptocurrency prices.
As of writing, SHIB is trading at $0.00001797, down nearly 3% from yesterday. In the past 24 hours, the highest price was $0.00001896 and the lowest price was $0.00001784, reflecting the turbulent market. Meanwhile, SHIB futures open interest fell 13.5% to $33.97 million.
Despite the positive developments, investors should be cautious as the cryptocurrency market is known for its volatility. External factors such as market sentiment, investor behavior, and regulatory news can have a significant impact on SHIB's price.
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