'Dogecoin Killer' Shiba Inu Setting Up For 'Inevitable Bull Run' As Burn Rate Soars 297% In Single Day
Portfolio Pulse from Khyathi Dalal
'Dogecoin Killer' Shiba Inu (SHIB) is experiencing a significant increase in its burn rate, which soared by 297% in a single day. This increase in burn rate, along with rising transaction volumes and active addresses, suggests a potential bull run for the meme coin. Shiba Inu is also set to be the title sponsor of ETHToronto, a major event in the cryptocurrency space.
July 17, 2024 | 1:10 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Shiba Inu (SHIB) has seen a 297% increase in its burn rate, which could lead to a significant bull run. The coin is also gaining traction with increased transaction volumes and active addresses, and is set to be the title sponsor of ETHToronto.
The significant increase in burn rate reduces the supply of SHIB, potentially driving up its price. Additionally, the rise in transaction volumes and active addresses indicates growing interest and usage, further supporting a bullish outlook. The sponsorship of ETHToronto also adds visibility and credibility to the coin.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100