'Dogecoin Killer' Shiba Inu Burn Rate Spikes 800% Amid New Margin Pair Listing On Kraken
Portfolio Pulse from Khyathi Dalal
Shiba Inu (CRYPTO: SHIB) burn rate has surged 800%, with millions of coins burned, driving positive market sentiment and a 4.5% price increase. Kraken Pro listed SHIB for new margin pairs, amid broader interest in meme coins and their market impact. The SHIB community's commitment is highlighted by the holding of 733.6 trillion SHIB coins across 653,530 addresses, remaining profitable despite price fluctuations.
May 03, 2024 | 6:20 pm
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POSITIVE IMPACT
Shiba Inu's burn rate has increased by 800%, leading to a 4.5% price increase. This is attributed to new margin pair listings on Kraken Pro and a strong community commitment.
The significant increase in Shiba Inu's burn rate and the listing on Kraken Pro are likely to drive short-term positive sentiment among investors and traders. The community's strong holding pattern and profitability of SHIB holdings further support the potential for continued interest and investment in SHIB, contributing to its price resilience and potential for growth.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100