Shiba Inu destruction rate jumps 8,400% as token price rises 15%

The token has gained 15% in the past 24 hours, trading at $0.00001548 after an anonymous wallet destroyed the tokens, which surged 8,000%. The price surge was accompanied by a 114% increase in 24-hour trading volume. With a market cap of $9 billion, the meme token is expected to enter the top 10 cryptocurrencies.

According to CoinGlass data, SHIB futures open interest also surged 30% to over $166.74 million, indicating strong demand from traders.

Data from ShibariumScan shows that Shibarium's total block count has exceeded 10 million, showing the network's growing adoption rate.

Analysts believe that SHIB's trend is in line with its trend in 2021, indicating that it may be on the verge of a parabolic rebound. SHIB has formed a cup-and-handle pattern on its chart since hitting an all-time high of $0.00008854 in October 2021.

The “cup” pattern was completed when SHIB peaked at $0.00004567 in March 2024, while the current price action is finalizing the “handle.” This pattern often signals a potential breakout, making traders increasingly optimistic.

The recent surge in SHIB’s destruction rate (reducing the circulating supply) has fueled bullish sentiment. Some market observers expect SHIB to rise by 200% and could reach a market cap of $27 billion.

Meanwhile, Shiba Inu’s marketing head Lucie recently reiterated an ambitious goal of $0.01 per SHIB. However, she added that it will take time to achieve this milestone.

SHIB Price Outlook

Daily SHIB price chart, RSI is currently hovering around 64, indicating that the meme coin is approaching overbought territory. This suggests that the price could face a temporary correction. However, if the RSI maintains its upward momentum, it could signal a continuation of the bullish momentum.

Meanwhile, the price has broken above the upper Bollinger Band, indicating heightened volatility. The current level could trigger a sharp rise, while a break below could result in a short-term consolidation.

The MACD line is trending above the signal line, which is a classic bullish indicator. A break above the resistance at $0.0000185 could pave the way for further gains. However, traders should watch out for any divergences in the MACD, which could indicate waning momentum.

Interestingly, amid the ongoing optimism, Lucie also recently floated the idea of a Shiba Inu ETF. Meanwhile, James Seyffart, a well-known ETF analyst, predicted a 75% chance of an ETF approval for SHIB’s rival Dogecoin.