Shiba Inu Burn Rate Skyrockets 850% In A Day — SHIB Becomes Most Traded Token Among Top Ethereum Whales
Portfolio Pulse from Mehab Qureshi
Shiba Inu (CRYPTO: SHIB) saw an 850% surge in its burn rate within 24 hours, with over 1 billion SHIB tokens permanently removed from circulation. This coincided with the introduction of Shibarium, an Ethereum-based layer-2 blockchain, and SHIB becoming the most traded token among the top 100 Ethereum whales. Despite this, SHIB's price fell by 4.19% in the last 24 hours.
August 22, 2023 | 5:44 am
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NEUTRAL IMPACT
Despite not being the main focus of the news, Dogecoin (CRYPTO: DOGE) is mentioned as Shiba Inu positions itself as a 'Dogecoin killer'.
Dogecoin is mentioned in the context of Shiba Inu's positioning. While this doesn't directly impact Dogecoin, it could potentially influence investor sentiment.
CONFIDENCE 70
IMPORTANCE 30
RELEVANCE 20
NEGATIVE IMPACT
Shiba Inu's burn rate surged by 850% in 24 hours, coinciding with the introduction of Shibarium and SHIB becoming the most traded token among top Ethereum whales. However, SHIB's price fell by 4.19%.
The surge in Shiba Inu's burn rate and its status as the most traded token among top Ethereum whales indicates high activity and interest in the token. However, the price drop suggests market volatility and potential investor uncertainty.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100