'Dogecoin Killer' Shiba Inu's Blazing Burn Rate Soars 5,000%, 2.7M Tokens Gone In A Day
Portfolio Pulse from Mehab Qureshi
Shiba Inu's (CRYPTO: SHIB) token burn rate has surged by 5,000% in the last 24 hours, with 2.7 million SHIB tokens burned. Despite this, SHIB's market value dipped by 2%. The Shibarium layer-2 blockchain solution continues to show progress, with over 4 million transactions and 1.2 million wallet addresses. The network's daily transactions are at 16.09K, and earlier in the week, a 47,872% increase in token burns was recorded. Over 40% of SHIB's supply has been burned to date. SHIB is currently trading at $0.0000082, down 1.58%.
November 27, 2023 | 4:36 am
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NEGATIVE IMPACT
Shiba Inu's token burn rate has increased significantly, but the price has slightly decreased. The Shibarium network shows healthy growth in transactions and wallet addresses.
The significant increase in the burn rate of SHIB tokens is a strategy to reduce supply and potentially increase the token's value. However, the short-term price impact has been negative, with a 2% dip. This could be due to market conditions or investor sentiment not aligning with the burn rate increase. The progress of Shibarium is a positive sign for the network's capacity and transaction efficiency, but it may not have an immediate impact on the token's price.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100