'Dogecoin Killer' Shiba Inu's Burn Rate Explodes 30,000% After SHIB Introduces New Privacy-Focused Network
Portfolio Pulse from Mehab Qureshi
Shiba Inu (SHIB) experienced a 30,000% increase in its token burn rate, with 3,759,043 SHIB tokens removed from circulation. This follows the announcement of a new privacy-centric system on the Shibarium network. Despite the surge, SHIB's price decreased by 5.58% over the last day but is up 4.06% in the last 24 hours. The total burned SHIB tokens now stand at 410.7 trillion, with around 581.7 trillion SHIB tokens still in circulation.
March 01, 2024 | 10:25 am
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Shiba Inu's token burn rate surged 30,000% after announcing a new privacy-centric system, leading to a significant number of tokens being burned. However, the price saw a short-term decrease of 5.58% but is currently up 4.06%.
The significant increase in SHIB's burn rate following the announcement of a new privacy-centric system on the Shibarium network indicates a strong development activity and potential for future value increase. However, the short-term price dip suggests market volatility or initial investor skepticism. The subsequent recovery in price reflects positive market reception and potential for growth.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100