'Dogecoin Killer' Shiba Inu's Burn Rate Skyrockets, Trump's Stance On CBDCs, GameStop Memecoin Debut And More: Cryptocurrency Weekly Recap
Portfolio Pulse from Benzinga Neuro
This week in cryptocurrency saw the debut of a GameStop memecoin on Solana, a surge in Optimus AI's market cap following an Elon Musk tweet, predictions of a Dogecoin price jump, a significant increase in Shiba Inu's burn rate, and Donald Trump's criticism of CBDCs. The GameStop memecoin quickly reached a market cap of over $14 million, while Optimus AI's price soared after Musk's tweet. Analyst Muro predicts a 6% increase in Dogecoin's value, and Shiba Inu's burn rate skyrocketed by over 1,500% in a day. Trump expressed concerns over the freedom-threatening potential of CBDCs.
February 03, 2024 | 1:26 pm
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Cryptocurrency analyst Muro predicts a 6% surge in Dogecoin's value to $0.083, indicating a positive short-term outlook for the asset.
The prediction of a price jump by a cryptocurrency analyst can lead to increased investor interest and speculative buying, potentially driving up the price in the short term.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Shiba Inu experienced a significant increase in its burn rate, with a 1,500% spike in token burning, removing 61 million SHIB tokens from circulation.
A significant increase in the burn rate of Shiba Inu tokens can reduce the available supply, potentially leading to a price increase if demand remains constant or increases.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 90