'Dogecoin Killer' Shiba Inu Burn Rate Skyrockets Over 4200% After New Plan To Automate Burn Processes Unveiled
Portfolio Pulse from Mehab Qureshi
Shiba Inu (CRYPTO: SHIB) has seen a 4,200% increase in token burn rate after a new plan to automate burn processes was unveiled. Shibburn reported 15.72 million SHIB tokens were removed from circulation by three anonymous entities. The Shiba Inu ecosystem is implementing a new strategy to accelerate token elimination, including an automated system on Puppynet and Mainnet. Additionally, Shibarium developers introduced a dual-component burning mechanism using BONE (CRYPTO: BONE) token fees. In December 2023, 25 billion SHIB tokens were burned in three events. SHIB's price is slightly down by 0.91%.
January 25, 2024 | 7:11 am
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NEUTRAL IMPACT
Shiba Inu, often referred to as the 'Dogecoin killer', has not directly impacted Dogecoin's price with its recent burn rate increase.
While Shiba Inu is often compared to Dogecoin, the recent news about SHIB's burn rate does not directly affect DOGE's price. However, competition between the two may indirectly influence investor sentiment.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 30
POSITIVE IMPACT
BONE token fees are being used in a dual-component burning mechanism by Shibarium developers to increase the burn rate of SHIB tokens.
The use of BONE token fees for SHIB token burns could lead to increased utility and demand for BONE, potentially positively impacting its price in the short term.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 70
POSITIVE IMPACT
Shiba Inu's token burn rate has skyrocketed by over 4,200% due to a new automated burn process, with 15.72 million tokens burned recently.
The significant increase in token burn rate and the implementation of an automated burn process could lead to a decrease in supply, which might increase demand and potentially drive up SHIB's price in the short term.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100