'Dogecoin Killer' Shiba Inu's Burn Rate Dips 84% Amid Sluggish Shibarium Transactions
Portfolio Pulse from Aniket Verma
'Dogecoin Killer' Shiba Inu (CRYPTO: SHIB) experienced an 84% decrease in its burn rate over the last 24 hours, with only 12.47 million coins burned. This decline is attributed to reduced activity on its layer-2 blockchain, Shibarium, despite a previous upward trend in token burning. SHIB's price fell nearly 5% in the same period, with trading volume increasing by 70%.
May 07, 2024 | 8:49 am
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Shiba Inu's burn rate plummeted by 84% due to decreased Shibarium transactions, affecting its price negatively.
The significant drop in Shiba Inu's burn rate due to decreased transactions on Shibarium directly impacts its deflationary mechanism, likely contributing to the nearly 5% decrease in its price. The increased trading volume indicates heightened investor attention, possibly due to the price drop.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100