Shiba Inu Burn Rate Skyrockets Over 75% While SHIB Remains Trapped In Price Range
Portfolio Pulse from Mehab Qureshi
The burn rate of Shiba Inu (CRYPTO: SHIB) has spiked over 75% in the last 24 hours, with 49 million SHIB tokens removed from circulation. Despite this, SHIB's price has remained relatively stagnant, with no significant movement beyond the support level at $0.0000070. The Shiba Inu development team is nearing the final stages of the renouncement process for the Bone ShibaSwap (CRYPTO: BONE), Shibarium’s official token.
October 05, 2023 | 7:10 am
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NEUTRAL IMPACT
The Shiba Inu development team is nearing the final stages of the renouncement process for the Bone ShibaSwap token. This could potentially impact the price and liquidity of BONE.
The renouncement process for a cryptocurrency token can have significant impacts on its price and liquidity. As the Shiba Inu team nears the end of this process for Bone ShibaSwap, it could lead to changes in the price and liquidity of BONE. However, the exact impact is uncertain and will depend on a variety of factors, including market conditions and investor sentiment.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 75
NEUTRAL IMPACT
The price of Bitcoin (BTC) could potentially influence the price of Shiba Inu (SHIB), but no significant movement has been observed recently.
The price of Bitcoin often influences the prices of other cryptocurrencies, including Shiba Inu. However, despite potential for an upswing when Bitcoin surpassed the $28,000 mark, this did not materialize, indicating that the correlation may not be as strong or predictable as expected.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Despite a significant increase in the burn rate of Shiba Inu tokens, the price of SHIB has remained relatively stagnant. This could indicate a lack of investor interest or market movement.
The burn rate of a cryptocurrency is a key factor in its price, as it reduces the supply of tokens and can lead to price increases if demand remains constant. However, despite a significant increase in SHIB's burn rate, the price has not moved significantly, suggesting that demand may not be keeping pace with the reduced supply.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100