Shiba Inu Burn Rate Accelerates 2400% After Shibarium's New Swapping Interface Triggered — 1.24T Tokens Shed So Far
Portfolio Pulse from Mehab Qureshi
Shiba Inu's (SHIB) burn rate spiked by 2400% in 24 hours, burning 1.24 trillion coins from its circulating supply after the unveiling of the new SHIB burn mechanism in Shibarium, a platform built on the Ethereum (ETH) blockchain. The new interface allows BONE to be swapped for SHIB to initiate the burn process.
May 23, 2023 | 7:01 am
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Shibarium, built on Ethereum blockchain, unveiled a new SHIB burn mechanism, potentially increasing demand for Ethereum.
The new SHIB burn mechanism in Shibarium, which is built on the Ethereum blockchain, could potentially increase the demand for Ethereum as more users engage with the platform to initiate the burn process. This increased demand may have a positive impact on Ethereum's price in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Shiba Inu's burn rate spiked by 2400% after unveiling of new SHIB burn mechanism in Shibarium, potentially affecting SHIB's price.
The 2400% spike in Shiba Inu's burn rate after the unveiling of the new SHIB burn mechanism in Shibarium could potentially affect SHIB's price in the short term. The burn mechanism reduces the circulating supply of SHIB, which may create scarcity and drive up the price of the cryptocurrency.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100