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SHIB faces a crazy fire, with the destruction amount skyrocketing by 157726% in 24 hours?
The latest on-chain data shows that the Shiba Inu burn rate has suddenly surged, with 2.48 million SHIB burned in just one day. According to the law of supply, this operation directly reduces the circulating supply, which should theoretically be beneficial for the price.
So what’s the result? SHIB has indeed rebounded slightly by 1.5% recently, and the current trading price is about 0.00001238 USD, with a 24-hour trading volume surging by 14.61%, reaching a level of 24.8 billion USD. It’s worth noting that this is quite a resilient performance in the recent market downturn.
The market value has also broken through to 7.26 billion USD. It seems that this wave of destruction may have really sent a signal to the market – reducing supply = lowering selling pressure = leaving more operating space for the bulls.
But don't rush to go all in, after all, SHIB has not been able to outperform the market in the past six months. Whether this rebound can be sustained will depend on the market sentiment in the coming days.