Dogecoin Rival Shiba Inu Tanks Over 10% In Past Week: Here's What Shib Team Encourages Investors To Do
Portfolio Pulse from Khyathi Dalal
Shiba Inu (CRYPTO: SHIB) has seen a decline of over 10% in the past week amid reduced transaction activity and burn rates. The Shib team is encouraging investors to purchase Shibarium NFTs to increase transactions. A new whale withdrew 546 million SHIB from Binance, and the burn rate has decreased by 91.2% in the last 24 hours. Despite the weekly drop, SHIB is up 1.9% in the past 24 hours.
January 08, 2024 | 8:22 pm
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POSITIVE IMPACT
Bone (BONE) is being used to purchase NFTs on the Shibarium network, as encouraged by the Shiba Inu team. This could lead to increased usage and potentially impact its price positively in the short term.
The Shib team's call-to-action to use Bone for NFT transactions on Shibarium may increase the demand for BONE, potentially leading to a positive price movement. However, the overall market conditions and investor response to the team's initiative will affect the actual impact.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
Shiba Inu (SHIB) has experienced a significant decline over the past week but shows a slight recovery in the past 24 hours. The team's efforts to promote Shibarium NFTs may influence transaction volumes and potentially stabilize the price.
While SHIB has declined over the week, the team's promotion of Shibarium NFTs and the recent whale activity could signal a potential for increased transactions and a stabilization or slight increase in price. However, the overall market sentiment and the effectiveness of the team's efforts will be key determinants.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100