'Dogecoin Killer' Shiba Inu's Burn Rate Soars 459%, Large Transactions Witness A Twofold Jump
Portfolio Pulse from Aniket Verma
Shiba Inu (SHIB) saw a 459% increase in its burn rate, with 33.29 million tokens removed from circulation. Despite this, SHIB's price fell by 1.38% in the last 24 hours and has declined 30% over the past month. Increased whale activity suggests large investors are locking in gains.
June 21, 2024 | 3:47 am
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Shiba Inu (SHIB) experienced a significant 459% increase in its burn rate, removing 33.29 million tokens from circulation. Despite this deflationary pressure, SHIB's price fell by 1.38% in the last 24 hours and has dropped 30% over the past month. Increased whale activity suggests large investors are locking in gains.
The significant increase in the burn rate did not translate into a price increase, indicating that the deflationary pressure was insufficient to counteract the selling pressure. The increased whale activity suggests that large investors are taking profits, which could lead to further price declines in the short term.
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IMPORTANCE 80
RELEVANCE 100