'Dogecoin Killer' Shiba Inu Burn Rate Defies Market Action With 933% Surge, Daily Active Addresses Spike By 8%
Portfolio Pulse from Khyathi Dalal
Shiba Inu (SHIB) experienced a 933% surge in burn rate and an 8% increase in daily active addresses, indicating heightened activity and interest in the meme coin. Two significant transactions contributed to the burn rate increase, while a transfer of 1 trillion SHIB tokens to GateIO spiked price volatility. The rise in large transactions suggests growing institutional interest. Additionally, SHIB short positions liquidation increased significantly, and the coin is ranked third in social interactions.
March 16, 2024 | 12:30 pm
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POSITIVE IMPACT
Shiba Inu's significant burn rate increase and active address growth indicate a bullish sentiment, while large token transfers suggest increased volatility.
The 933% surge in burn rate and 8% increase in daily active addresses for Shiba Inu (SHIB) reflect growing interest and activity in the SHIB ecosystem, likely contributing to a positive short-term price movement. The large transfer of SHIB tokens to GateIO and the increase in large transactions indicate heightened volatility but also suggest that institutional or large-scale investors are showing increased interest in SHIB, potentially driving up its price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100