Shiba Inu Burns 8.6B Tokens Over The Weekend, Lead Developer Hints At More SHIB Burns To Come For Global Adoption
Portfolio Pulse from Mehab Qureshi
Shiba Inu (SHIB) experienced a significant token burn over the weekend, with 8.6 billion SHIB tokens burned in six transactions, resulting in a 727,000% spike in burn rate. The SHIB team member Lucie reported the burn and hinted at more to come, with lead developer Shytoshi Kusama emphasizing the importance of global adoption for impactful burns. Shibarium transactions have increased, with an average of 7.5 million daily transactions since December 2. Cryptocurrency analyst Ali Martinez suggests a potential breakout for SHIB if it maintains the support level at $0.0000103. Currently, SHIB is trading at $0.000010, down 8% in the last 24 hours.
December 18, 2023 | 6:01 am
News sentiment analysis
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POSITIVE IMPACT
Shiba Inu's token burn and the potential for more burns aimed at global adoption could create a bullish sentiment among investors. Analyst Ali Martinez's breakout prediction if SHIB maintains its support level may also influence investor confidence positively.
The large token burn and the hint of further burns by the Shiba Inu team could reduce the circulating supply, potentially increasing the price if demand remains constant or increases. The mention of global adoption by the lead developer could also drive positive sentiment. However, the current price action shows a decline, indicating that the market has not yet fully responded to these developments.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 100