Shiba Inu Burn Rate Spikes Over 110% After Lead Developer Says Shibarium 'Nearly Complete' — Can $10 Worth Of SHIB Turn You Into A Meme Coin Millionaire Today?
Portfolio Pulse from Mehab Qureshi
Shiba Inu's burn rate has increased by 110% in the last 24 hours, following the announcement that its layer-2 solution, Shibarium, is nearly complete. The burning mechanism, Shibburn, reported a transfer of 216 million SHIB tokens into 'inferno' wallets, a strategy to increase scarcity and potentially raise the value of the remaining tokens. Currently, $10.1 worth of SHIB buys 1,005,475 tokens.
August 16, 2023 | 4:47 am
News sentiment analysis
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NEGATIVE IMPACT
The news about Shiba Inu's burn rate and the nearing completion of Shibarium may impact Dogecoin as both are competing in the meme coin market.
Shiba Inu and Dogecoin are both meme coins and compete for the same market. Positive news for Shiba Inu could potentially lead to a decrease in Dogecoin's value as investors may shift their investments.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
The increase in Shiba Inu's burn rate and the nearing completion of Shibarium are likely to have a positive impact on the value of SHIB.
The increase in Shiba Inu's burn rate and the nearing completion of Shibarium are likely to increase the scarcity of SHIB tokens, potentially leading to an increase in their value.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 100