'Dogecoin Killer' Shiba Inu Burn Rate Almost Hits 10,000% As Over 100M SHIB Go Up In Flames
Portfolio Pulse from Khyathi Dalal
Shiba Inu's burn rate surged by nearly 10,000%, burning over 100 million SHIB in two transactions. The community is pushing Binance to burn 1% of SHIB from daily transactions. Despite a decrease in large transaction volume and daily active addresses, long-term prospects remain strong with significant holder concentration. WazirX canceled all transactions to restore credibility after a $235 million exploit.
August 08, 2024 | 6:45 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Shiba Inu's burn rate surged by nearly 10,000%, burning over 100 million SHIB in two transactions. The community is pushing Binance to burn 1% of SHIB from daily transactions. Despite a decrease in large transaction volume and daily active addresses, long-term prospects remain strong with significant holder concentration.
The significant increase in burn rate and community efforts to push Binance for further burns are likely to create positive sentiment and potential price appreciation in the short term. Despite some negative metrics, the strong holder concentration and long-term accumulation suggest resilience.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100