'Dogecoin Killer' Shiba Inu Burn Rate Spikes 40,000% As Shibarium Reaches 30M In Transactions
Portfolio Pulse from Mehab Qureshi
Shiba Inu's (CRYPTO: SHIB) burn rate has soared by 40,000% as over 8 billion SHIB tokens were removed from circulation in 9 hours. This surge in token burning aligns with Shibarium's Layer-2 blockchain surpassing 30 million transactions. Despite initial delays, the development of Shibarium continues, aiming for a bug-free ecosystem. SHIB's price has risen by 1% in the last 24 hours.
December 05, 2023 | 3:09 am
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POSITIVE IMPACT
Shiba Inu's burn rate has increased dramatically, which typically indicates a reduction in supply that could lead to a price increase if demand remains constant or increases.
The significant increase in the burn rate of SHIB tokens is likely to be viewed positively by investors as it reduces the overall supply, potentially leading to an increase in price if demand does not wane. The development progress of Shibarium also adds to the positive sentiment. However, the volatile nature of cryptocurrencies and external market factors could affect the actual impact on the price.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 100