'Dogecoin Killer' Shiba Inu Burn Rate Skyrockets By 500% As Shibarium Logs Over 4M Transactions
Portfolio Pulse from Mehab Qureshi
Shiba Inu's (CRYPTO: SHIB) burn rate increased by 500% with over 83 million SHIB tokens burned, coinciding with increased activity on its Layer-2 platform Shibarium, which has logged over 4.25 million transactions. Despite a delay in its launch, Shibarium's daily transactions recently doubled to nearly 35,000. SHIB's price is currently at $0.0000082, down 1% in the last 24 hours.
November 30, 2023 | 4:10 am
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POSITIVE IMPACT
Shiba Inu's burn rate has surged by 500%, with a significant number of tokens burned, potentially indicating a positive sentiment among investors as the supply decreases.
The increase in burn rate and the corresponding reduction in SHIB's circulating supply could create scarcity, potentially leading to a price increase in the short term. The increased activity on Shibarium also suggests growing utility and adoption, which can be positive for the price.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 100