'Dogecoin Killer' Shiba Inu Gains Momentum After Burn Rate Shoots 1393%
Portfolio Pulse from Aniket Verma
Shiba Inu (SHIB) experienced a significant increase in its burn rate, leading to a 4.13% price rise. Over 301.68 million SHIB tokens were burned in the last 24 hours, contributing to the deflationary pressure. The burn rate spike coincided with a 2x increase in new transactions on the Shibarium blockchain and a 65% rise in daily active addresses.
July 01, 2024 | 6:15 am
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Shiba Inu (SHIB) saw a 1393% increase in its burn rate, leading to a 4.13% price rise. The burn rate spike coincided with a 2x increase in new transactions on the Shibarium blockchain and a 65% rise in daily active addresses.
The significant increase in the burn rate of SHIB tokens creates deflationary pressure, which typically boosts the price. The rise in transactions and active addresses on the Shibarium blockchain further supports this trend.
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