'Dogecoin Killer' Shiba Inu Burn Rate Surges 1600% As Whale Moves $46M Worth SHIB
Portfolio Pulse from Mehab Qureshi
Shiba Inu's (CRYPTO: SHIB) burn rate surged by 1600% due to two significant transactions removing 131 million SHIB from circulation. A SHIB whale also moved $46 million worth of SHIB to an unidentified wallet. Shibarium, SHIB's layer-2 solution, has been handling over five million transactions daily, with 7.53 million in the last 24 hours. Despite this, over 58% of SHIB holders are facing losses, with SHIB trading down 1.16% at $0.000010.
December 27, 2023 | 5:06 am
News sentiment analysis
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NEUTRAL IMPACT
While not directly affected by SHIB's burn rate, Dogecoin could experience indirect effects due to its comparison with Shiba Inu as a competing cryptocurrency.
Dogecoin and Shiba Inu are often compared, and movements in one can affect the other due to investor perception. However, the direct impact on DOGE from SHIB's burn rate is uncertain.
CONFIDENCE 60
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
Shiba Inu's burn rate increase and whale activity suggest a potential for increased scarcity and investor interest, which could lead to short-term price volatility.
The significant increase in burn rate and whale transactions typically indicate a bullish sentiment among investors, as they can lead to reduced supply and potential price increases. However, the current majority of holders facing losses could temper the positive impact.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 100