'Dogecoin Killer' Shiba Inu Burn Rate Skyrockets Over 1,500% On New Plan To Integrate 1000 New Projects To Shibarium
Portfolio Pulse from Mehab Qureshi
Shiba Inu (CRYPTO: SHIB) experienced a significant increase in token burns, with a 1,500% rise in a single day. This surge is linked to the upcoming integration of 1,000 new projects into Shibarium, their Layer-2 solution. Shibarium currently supports NFTs, DEXs, and dApps, and has a TVL of $808,810. The burn was executed by three entities sending 59 million SHIB to a 'dead' address, effectively removing them from circulation.
January 30, 2024 | 8:57 am
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POSITIVE IMPACT
Shiba Inu's token burn and the announcement of integrating 1,000 new projects into Shibarium could create a positive sentiment among investors, potentially leading to a short-term price increase.
Token burns are generally perceived positively by the crypto community as they reduce supply and can lead to price appreciation. The announcement of Shibarium's expansion with new projects may also contribute to a bullish outlook for SHIB in the short term.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100