'Dogecoin Killer' Shiba Inu Burn Rate Skyrockets Over 27,500% — Analytics Platform Reports Surge In Whale Activity
Portfolio Pulse from Mehab Qureshi
Shiba Inu (CRYPTO: SHIB) has seen a 27,500% increase in its token burn rate, with 9 billion SHIB tokens removed from circulation. Shibburn reported two entities transferred 9.5 billion and 30 million SHIB to a 'dead wallet'. IntoTheBlock noted a 1,300% rise in large SHIB transactions by whales. Shiba Inu's lead developer announced plans to apply for the .shib TLD to expand its domain use. SHIB's price is slightly down by 1.16% at $0.0000094.
January 10, 2024 | 12:38 pm
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Shiba Inu's burn rate surge and increased whale activity may indicate a bullish sentiment among investors, potentially leading to a short-term price increase.
The significant increase in token burn rate and whale transactions typically suggests a positive investor sentiment, which could lead to increased demand and a potential price increase in the short term. However, the current slight price dip indicates market uncertainty, hence the confidence score is not at the maximum.
CONFIDENCE 75
IMPORTANCE 85
RELEVANCE 100