'Dogecoin Killer' Shiba Inu Burn Rate Skyrockets Over 1800% As 27M SHIB Tokens Permanently Destroyed In A Single Day
Portfolio Pulse from Mehab Qureshi
Shiba Inu (CRYPTO: SHIB) experienced a significant 1,800% increase in its burn rate, with over 27 million SHIB tokens removed from circulation in 24 hours. This action is part of a new strategy to accelerate token elimination, including an automated system set for testing on Puppynet before Mainnet implementation. The Shiba Inu ecosystem is also seeing growth, with a 4.76% increase in new wallet registrations and a 28.36% rise in active wallet usage. Additionally, a dual-component burning mechanism involving BONE (CRYPTO: BONE) token fees has been introduced. SHIB's price rose by 2.31% in the last 24 hours.
February 13, 2024 | 7:01 am
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POSITIVE IMPACT
The introduction of a dual-component burning mechanism using BONE token fees for manual burns is part of Shiba Inu's strategy to increase the pace of token elimination.
The use of BONE token fees for manual burns represents a strategic move to enhance the burning mechanism within the Shiba Inu ecosystem. This could potentially increase the demand for BONE tokens as they play a crucial role in the burning process, positively impacting its value in the short term.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Shiba Inu's burn rate surged by 1,800%, with 27 million tokens burned, indicating a strategic move to reduce supply and potentially increase value. The ecosystem is growing, with more wallets and active users.
The significant increase in SHIB's burn rate and the introduction of an automated burn system suggest a strategic effort to reduce supply and potentially increase the token's value. The growth in wallet registrations and active usage further supports the ecosystem's strength and could positively impact SHIB's price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100