Dogecoin Killer Shiba Inu Burn Rate Surges 373%, Trader Says SHIB 'Could Explode' To 1 Cent 'And Leave People Behind'
Portfolio Pulse from Khyathi Dalal
Shiba Inu (CRYPTO: SHIB) has seen a 373% surge in its burn rate and a 41% increase in daily transactions, with 5.7 million SHIB tokens burned in the last 24 hours. The community is looking forward to the launch of an automated burn mechanism in January 2024, which is expected to significantly reduce the total circulating supply. A Twitter account named Shib Bezos suggested SHIB could reach $0.01, potentially surprising many. Despite these developments, SHIB's price is down 4% in the past 24 hours and 7.8% over the past week.
January 05, 2024 | 5:45 pm
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NEUTRAL IMPACT
Shiba Inu's burn rate and transaction volume have increased, with an automated burn mechanism expected in 2024. Shib Bezos's tweet suggests a potential price surge to $0.01, but the current price trend is downward.
While the increased burn rate and transaction volume are positive indicators for Shiba Inu's value, the actual impact on the price is uncertain, especially given the current downward trend. The potential for reaching $0.01 is speculative and based on a tweet, which may not reflect market sentiment accurately. The short-term impact is neutral due to these conflicting signals.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 100