SHIB Burn: Here's Everything You Should Know About Shiba Inu Token Burn
Portfolio Pulse from Mehab Qureshi
Shiba Inu (SHIB) has been engaging in token burning, a process of permanently removing a coin or token from circulation, to increase the value of the remaining tokens. This process was initiated when Ethereum co-founder Vitalik Buterin burned 90% of his SHIB holdings, causing a surge in Shiba Inu prices. The act of burning tokens can create a sense of scarcity, control inflation, and drive up demand. However, massive token burns alone may not significantly impact the price without continuous and substantial token purchases used for burning. At the time of writing, SHIB was trading at $0.000007382, up 1.34% in the last 24 hours.
September 20, 2023 | 10:50 am
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NEUTRAL IMPACT
Ethereum co-founder Vitalik Buterin initiated the token burning process for Shiba Inu by burning 90% of his SHIB holdings.
Vitalik Buterin's action of burning his SHIB holdings initiated the token burning process for Shiba Inu. However, this does not directly impact Ethereum's price, hence the neutral short-term impact.
CONFIDENCE 90
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Shiba Inu has been burning tokens to increase their value. However, the impact on price requires continuous and substantial token purchases for burning.
While token burning can create scarcity and drive up demand, the impact on Shiba Inu's price will depend on continuous and substantial token purchases for burning. Therefore, the short-term impact on SHIB's price is neutral.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100