Shiba Inu Burn Rate Spiked Over 330% As 131M SHIB Permanently Removed From Circulation In A Single Day
Portfolio Pulse from Mehab Qureshi
The burn rate of Shiba Inu (CRYPTO: SHIB) has increased by over 330% in the past 24 hours, resulting in the permanent removal of more than 131 million SHIB tokens from circulation. The Shiba Inu Layer-2 platform, Shibarium, has surpassed 1.2 million total wallet addresses and is close to reaching 3 million transactions. The price of SHIB has increased by 1.16% in the last 24 hours.
September 21, 2023 | 5:00 am
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NEUTRAL IMPACT
Ethereum co-founder Vitalik Buterin previously burned 90% of his SHIB holdings, which accounted for more than 40% of the total supply. This historical context may influence Ethereum's perception among SHIB investors.
While Ethereum is not directly impacted by the current SHIB burn rate, its historical involvement with SHIB through Vitalik Buterin may influence investor sentiment.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
The burn rate of Shiba Inu has increased significantly, leading to the removal of a large number of SHIB tokens from circulation. This could potentially increase the value of remaining tokens.
The burn rate directly affects the supply of SHIB tokens. A higher burn rate reduces the number of tokens in circulation, which could potentially increase the value of the remaining tokens if demand remains constant or increases.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100