Today's Shiba Inu News: SHIB Destruction Rate vs Credit Card Purchase Meme Coins

Bitcoin, Ethereum and Dogecoin all fell today, while a memein chose to "stay alone". Traders are now asking a simple question: Why does today's Shiba Inu news look different?

Quick overview of key points

According to CoinGecko data, the current trading price of SHIB is US$0.00005135, and its market value is approximately US$3.025 billion. It bucked the trend and rose by more than 0.8% in 24 hours, while mainstream currencies generally fell.

According to Shibburn, the Shiba Inu community destroyed 588.2 million tokens in August, with Robin Hood and Coinbase among the largest destroyers.

A trend of credit card-based memocoin buying is attracting the attention of JPMorgan Chase Bank and New York regulators, and the community has linked the phenomenon to today's price rebound.

Today's Market Quotes: Market Overview

When Bitcoin, Ethereum, Dogcoin and the entire cryptocurrency markets fell, SHIB bucked the trend and rose by more than 0.8% in the past 24 hours. According to CoinGecko data, its current trading price is US$0.00005135 and its market value is approximately US$3.025 billion. Although the increase is not large, it has brought positive expectations to the community.

However, if it is extended to a week, SHIB will still fall by 2.2%. In the face of weekly declines, the intraday rebound seems insignificant, but in an overall declining market, even a weak positive line can attract attention.

Why does Shiba Inu coin show a positive line today?

Part of the answer does not come from Shiba Inu itself, but is related to the convenience of memin purchase channels.

Did credit card purchases of memes trigger this wave of market?

This is the most heated topic currently discussed. According to WU Blockchain, users of Robin Hood Wallet and social transaction application Fomo can now purchase memin, including WIF directly through the Crossmint platform using Visa, MasterCard, Apple Pay and Google Pay without having to complete additional KYC verification.

These transactions are classified as "digital goods/media" rather than cryptocurrency transactions, allowing buyers to continue to receive regular credit card rewards and cash rebates. Chase Bank, a subsidiary of JPMorgan Chase, believes the classification is controversial and has asked Visa to investigate. The New York Attorney General's Office also said it was reviewing the matter.

Robin Hood, Fomo and Shiba Inu did not comment on this. Still, the community still linked the facilitation of credit card purchases of memin to today's rise, although there have been no official statements confirming the link.

What does destruction of data reveal?

Shibburn data showed that a total of 588.2 million SHIBs were withdrawn from circulation in August, although the monthly destruction rate dropped by 6.14% from July.

Among the main destruction groups, WoofSwap V3 destroyed 194 million pieces (17 transactions), CEX.IO destroyed 61.41 million pieces (5 transactions), Robin Hood destroyed 39.04 million pieces (101 transactions), and Coinbase destroyed 17.28 million pieces (11 transactions).

The total amount destroyed in July was as high as 3.24 billion SHIBs, far exceeding the figure in August. But short-term activity is picking up: Shibburn data shows that destruction has increased by 65.75% in the past 24 hours and by more than 112% in the past seven days.

Is the Shiba Inu bull market approaching?

A post posted by X platform user SHIB Knight pointed out that a bullish flag pattern appeared on the SHIB price chart, suggesting that its price may fall by another zero in the next few days. The increase in short-term destruction provides some support for this judgment.

However, the surge in chart form and destruction does not guarantee an increase in SHIB prices. Today's Shiba Inu news should be seen as a potential sign rather than a promise to rise.

Expert Opinion:

Market analysts pointed out that the short-term strength of Shiba Inu is consistent with the rebound in destruction activities and the growing interest of retail investors in the credit card purchase of the mein channel. However, it should be noted that against the background of the overall market decline, the single-day positive line itself cannot confirm a trend reversal. In the past, surges in destruction rates have subsided due to a lack of sustained buyer demand, and regulators 'focus on credit card purchases of cryptocurrencies may also slow the trend rather than accelerate it.

Conclusion

Today's Shiba Inu News showed that while Bitcoin and Ethereum fell, SHIB remained firm thanks to its recent destruction campaign and a craze for credit card purchases of memin. The bullish flag theory has given traders renewed hope, but there is no evidence yet that a rally is imminent. Pay close attention to destruction data and price movements before making a decision.