'Dogecoin Killer' Shiba Inu Token Burn Rate Skyrockets 800% As 10M SHIB Removed In A Single Day
Portfolio Pulse from Mehab Qureshi
The Shiba Inu token (CRYPTO: SHIB) burn rate has surged by over 800%, with 10 million SHIB tokens removed from circulation in a single day. This increase is linked to a spike in activity on the Shibarium network, which recorded 7.84 million transactions in one day and has surpassed 30 million transactions in total. The network's scaling has led to higher gas fees, reaching up to 783 Gwei. Despite delays in the Shibarium launch, SHIB's price has risen by 2.78% in the last 24 hours to $0.0000097.
December 07, 2023 | 5:42 am
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Shiba Inu's token burn rate has increased significantly, indicating a potential reduction in supply and increased demand on the Shibarium network. This could lead to a positive sentiment among investors and traders, potentially pushing the price up in the short term.
The substantial increase in the burn rate of SHIB tokens is a bullish signal as it effectively reduces the circulating supply, which can lead to price appreciation if demand remains constant or increases. The surge in network activity also suggests growing utilization, which could further drive demand. However, the impact of increased gas fees and the delay in the Shibarium launch are factors that could temper the price movement.
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