'Dogecoin Killer' Shiba Inu Burn Rate Spikes 450%, Over 146M SHIB Tokens Removed In A Single Day
Portfolio Pulse from Mehab Qureshi
Shiba Inu's (CRYPTO: SHIB) burn rate increased by 450%, with over 146 million SHIB tokens burned in a single day. A significant transaction removed over 100 million SHIB. The crypto derivatives market saw increased activity in SHIB, with an Open Interest (OI) of $18 million. OKX exchange led in SHIB derivative trades with $7.5 million in OI. The long versus short position ratio suggests a bullish sentiment. Despite this, SHIB's price was down 3.45% at $0.000008949.
January 23, 2024 | 11:00 am
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NEUTRAL IMPACT
Shiba Inu's burn rate has surged, indicating a reduction in supply which could be bullish in the long term. However, the price has dropped in the short term despite bullish sentiment in the derivatives market.
While the burn rate increase and bullish sentiment in the derivatives market are positive signs for Shiba Inu, the immediate price action has been negative. This suggests that the market may have already priced in the burn or that other factors are influencing SHIB's price in the short term. The impact on the price is uncertain, hence a neutral score.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100