Shiba Inu Massive Burn: Over 2.3B SHIB Tokens Vanish Into Thin Air In September
Portfolio Pulse from Mehab Qureshi
In September, over 2.3 billion Shiba Inu (CRYPTO: SHIB) tokens, valued at $17,173, were permanently removed from circulation, a decrease from August when 5.7 billion SHIB were burned. SHIB has seen a 3% increase in price, with trading volume surging to 50%, reaching $99 million. Two dormant cryptocurrency wallets received substantial withdrawals of SHIB tokens from exchanges Binance and MEXC. The renouncement process for the BONE (CRYPTO: BONE) token, the official token of Shibarium, is nearing completion.
October 02, 2023 | 6:50 am
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NEUTRAL IMPACT
The renouncement process for the BONE token, the official token of Shibarium, is nearing completion.
The renouncement process for the BONE token is nearing completion, which could lead to changes in the token's price and trading volume. However, the impact is uncertain at this time.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Ethereum co-founder Vitalik Buterin famously used one of the burn addresses to destroy a significant portion of SHIB tokens.
The news mentions Ethereum in relation to the burning of SHIB tokens. However, it does not directly impact Ethereum's price or trading volume.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 30
POSITIVE IMPACT
Shiba Inu tokens saw a decrease in the number of tokens burned in September compared to August, but the price and trading volume have increased.
The decrease in the number of tokens burned could indicate a decrease in supply, which could lead to an increase in price if demand remains constant or increases. The increase in trading volume indicates increased interest in the token.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100