Shiba Inu Burn Rate Decline Spurs 4% Plunge, Longs In Distress
Portfolio Pulse from Mehab Qureshi
Shiba Inu (CRYPTO: SHIB), a meme-based cryptocurrency, plunged 4% in value within the last 24 hours due to a significant drop in the SHIB burn rate. Over $250,000 worth of SHIB was liquidated in the past 24 hours, with $249,750 being associated with long positions. Despite the drop in value, the trading volume of SHIB saw a 15% increase, reaching $112.8 million on Tuesday.
October 03, 2023 | 7:08 am
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NEUTRAL IMPACT
Bone ShibaSwap (CRYPTO: BONE) was mentioned in the context of scams and deceptive Dapps that resemble legitimate platforms associated with Shiba Inu.
While Bone ShibaSwap (CRYPTO: BONE) was mentioned in the article, it was in the context of potential scams and deceptive Dapps. This does not directly impact the asset's price but could affect investor sentiment.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Doge Killer (CRYPTO: LEASH) was mentioned in the context of scams and deceptive Dapps that resemble legitimate platforms associated with Shiba Inu.
While Doge Killer (CRYPTO: LEASH) was mentioned in the article, it was in the context of potential scams and deceptive Dapps. This does not directly impact the asset's price but could affect investor sentiment.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Shiba Inu (CRYPTO: SHIB) plunged 4% in value due to a significant drop in the SHIB burn rate. Despite the drop, the trading volume of SHIB saw a 15% increase.
The significant drop in the SHIB burn rate has led to a 4% plunge in its value. However, the trading volume of SHIB has increased by 15%, indicating that the market is still active despite the price drop.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100