Shiba Inu Burn Rate Skyrockets Over 350% As SHIB Developer Outlines Major BONE Update
Portfolio Pulse from Mehab Qureshi
Shiba Inu's burn rate has increased by over 350% in the last 24 hours, following the announcement of a major update to the BONE contract by SHIB developer Kaal Dhairya. The update led to the burning and permanent removal of 142 million SHIB coins from circulation. Market data shows an influx of large SHIB whales entering the market, with the inflow surpassing the outflow. At the time of writing, SHIB was trading at $0.00000743, up 0.56% in the last 24 hours.
September 16, 2023 | 10:34 am
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POSITIVE IMPACT
Shiba Inu's burn rate has increased significantly following a major update to the BONE contract, leading to a rise in its trading price.
The increase in Shiba Inu's burn rate, which is the rate at which SHIB coins are removed from circulation, is likely to create a supply shortage. This, coupled with the influx of large SHIB whales entering the market, could drive up the price of SHIB in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
The announcement of a major update to the BONE contract by SHIB developer Kaal Dhairya has led to a significant increase in Shiba Inu's burn rate.
While the announcement of the BONE contract update has led to a significant increase in Shiba Inu's burn rate, it's unclear how this will directly impact the price of BONE in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80