Shiba Inu Burn Rate Explodes 1000% Overnight As Millions Of Tokens Vanish: What's Happening?
Portfolio Pulse from Mehab Qureshi
Shiba Inu (CRYPTO: SHIB) saw a 1000% increase in its burn rate as 164 million SHIB tokens were permanently removed from circulation. Two previously dormant cryptocurrency wallets received substantial withdrawals of SHIB tokens from Binance and MEXC, suggesting the emergence of new Shiba Inu whales. The Shiba Inu development team announced that the minting process for the remaining BONE supply is nearing completion, following which rewards associated with BONE on the ShibaSwap platform will shift to a new token named 'TREAT'.
September 28, 2023 | 3:26 am
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NEUTRAL IMPACT
Shiba Inu's burn rate increased significantly, suggesting a decrease in supply which could potentially drive up the price. However, the emergence of new whales could lead to price volatility.
The burn rate increase reduces the supply of SHIB tokens, which could drive up the price due to increased scarcity. However, the emergence of new whales, who hold large amounts of SHIB, could lead to price volatility as their actions can significantly impact the market.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
The minting process for the remaining BONE supply is nearing completion, which will end the rewards associated with BONE on the ShibaSwap platform. This could potentially impact the demand and price of BONE.
The nearing completion of the BONE minting process will end the rewards associated with BONE on the ShibaSwap platform. This could reduce the demand for BONE, potentially leading to a decrease in its price.
CONFIDENCE 70
IMPORTANCE 65
RELEVANCE 75