'Dogecoin Killer' Shiba Inu Sees Significant Increase In Token Burn Rate, As Price Recovers — Is A Turnaround In The Making?
Portfolio Pulse from Benzinga Neuro
'Dogecoin Killer' Shiba Inu (CRYPTO: SHIB) has seen a significant increase in its token burn rate, with a 25.9% rise in 24 hours and a 269.9% increase over 7 days, as reported by Shibburn. This comes amid a market correction for SHIB, with the price recovering by 4.97% in the past 24 hours despite a nearly 16% fall over the past week. The burn rate's increase, reducing the token supply, could signal a potential turnaround for Shiba Inu's market performance.
April 17, 2024 | 3:42 am
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Shiba Inu has experienced a significant increase in token burn rate, with a notable recovery in its price over the past 24 hours. This could indicate a positive short-term impact on SHIB's market value.
The increase in SHIB's burn rate directly impacts its supply, potentially increasing demand and price. The recent recovery in price, despite a weekly downturn, suggests a positive market response to the burn rate increase, indicating a bullish short-term outlook.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100