'Dogecoin Killer' Shiba Inu Burn Rate Spikes 300% As 12M SHIB Permanently Destroyed In A Single Day
Portfolio Pulse from Mehab Qureshi
Shiba Inu (CRYPTO: SHIB) experienced a 300% increase in its token burn rate as 12.46 million SHIB tokens were removed from circulation, attributed to a single large transaction. Despite a strong performance with a 33% increase in 2023, the annual burn rate is 8.33% lower than in 2022. The SHIB Ecosystem continues to grow with the launch of Shibarium, and over 1.3 million wallet addresses are now active. SHIB's price was down 1.3% at the time of reporting.
January 03, 2024 | 6:51 am
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Shiba Inu's token burn rate spiked by 300% with a significant transaction, but the annual burn rate is down 8.33% from the previous year. The ecosystem is expanding with Shibarium, yet SHIB's price fell by 1.3% recently.
The spike in burn rate typically indicates a positive sentiment as it reduces supply, potentially increasing demand. However, the price action suggests a negative short-term impact, possibly due to the overall decrease in annual burn rate or other market factors.
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IMPORTANCE 80
RELEVANCE 100