'Dogecoin Killer' Shiba Inu's Burn Rate Explodes 13458% As Shibarium Transactions Spike, 7.7M SHIB Kicked Out Of Circulation
Portfolio Pulse from Aniket Verma
Shiba Inu's (SHIB) burn rate surged by 13458% due to a spike in Shibarium blockchain transactions. Despite the increased burn rate, SHIB's price fell by 3.15% in the last 24 hours and 7% over the last week.
June 11, 2024 | 3:47 am
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Shiba Inu's burn rate increased by 13458% due to a rise in Shibarium blockchain transactions. However, SHIB's price fell by 3.15% in the last 24 hours and 7% over the last week.
The significant increase in the burn rate indicates higher on-chain activity, which typically boosts demand. However, the price drop suggests selling pressure and market uncertainty, leading to a negative short-term impact.
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