Shiba Inu Drives Massive $342M Burn As Shibarium Finally Launches After Much Back And Forth
Portfolio Pulse from Mehab Qureshi
The Shiba Inu project has launched Shibarium, a layer-2 scaling solution, on the mainnet. This is expected to enhance the performance and capabilities of tokens in the Shiba Inu ecosystem, including SHIB and BONE. The launch has led to a significant burn rate spike, with over $342 million worth of SHIB burned in the last 24 hours. However, Shiba Inu's price has dropped 9.0% over the past 24 hours.
August 17, 2023 | 3:46 am
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POSITIVE IMPACT
BONE, a governance token in the Shiba Inu ecosystem, is expected to benefit from the launch of Shibarium, which will enhance the performance and capabilities of existing tokens.
The launch of Shibarium is a positive development for BONE, as it is expected to enhance the performance and capabilities of existing tokens in the Shiba Inu ecosystem.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Shiba Inu's price has dropped 9.0% following the launch of Shibarium. The burn rate spike could potentially lead to a price increase in the future.
The launch of Shibarium, while a significant development, has led to a short-term price drop for Shiba Inu. However, the high burn rate could potentially lead to a price increase in the future due to reduced supply.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100