Shiba Inu Burn Rate Spikes 14,500%, But: Market Is 'Heavily Manipulated, Not Even Elon Can Pump Doge,' Says Marketing Lead
Portfolio Pulse from Khyathi Dalal
Shiba Inu's burn rate has surged by 14,506.9% due to recent burn transactions, but its market performance remains flat. The market is described as heavily manipulated, with new exchange listings and tweets from Elon Musk failing to impact meme coins like Dogecoin. Despite a rise in large transaction volumes, daily active addresses for Shiba Inu have decreased.
September 17, 2024 | 12:05 pm
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NEUTRAL IMPACT
Despite the rise in Shiba Inu's burn rate, Dogecoin's market performance remains unaffected by external factors like Elon Musk's tweets, indicating a heavily manipulated market.
The article highlights that even influential figures like Elon Musk have not been able to impact Dogecoin's market performance, suggesting that external factors are not currently driving price changes.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Shiba Inu's burn rate has increased significantly, but its market performance remains flat. The market is described as heavily manipulated, with new exchange listings and tweets from Elon Musk failing to impact meme coins like Dogecoin.
Despite a significant increase in the burn rate, Shiba Inu's market performance remains flat due to perceived market manipulation. The lack of impact from new exchange listings and influential tweets suggests that the burn rate alone may not drive short-term price changes.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 90