'Dogecoin Killer' Shiba Inu Up 3.5% On 48,650% Burn Rate Explosion: 'Working Like A Dog,' Says Lead Developer
Portfolio Pulse from Khyathi Dalal
'Dogecoin Killer' Shiba Inu (CRYPTO: SHIB) experienced a 48,654% increase in its burn rate, leading to a 3.5% price increase. The surge in burn rate was highlighted by two significant transactions. Social activity around Shiba Inu has also seen a dramatic increase, with LunarCrush reporting a surge in creators and interactions. Large transaction volumes have increased by 24.7%, and the number of Shiba Inu addresses holding significant amounts of SHIB has been detailed, indicating a growing interest in the meme coin.
April 11, 2024 | 1:18 pm
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POSITIVE IMPACT
Shiba Inu saw a 48,654% increase in burn rate and a 3.5% price increase, with significant social activity and transaction volume growth.
The dramatic increase in Shiba Inu's burn rate directly contributes to its price increase, as reducing the available supply can lead to price appreciation if demand remains constant or increases. The reported surge in social activity and transaction volumes further supports the potential for continued interest and investment in SHIB, suggesting a positive short-term impact on its price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100