'Dogecoin Killer' Shiba Inu Sees Burn Rate Explode By 1900%, Erasing 102 Million Tokens In A Day

‘Dogecoin Killer’ Shiba Inu Sees Burn Rate Explode By 1900%, Erasing 102 Million Tokens In A Day

28 February 2024

in DOGE

Reading Time: 3 mins read

February 28, 2024 5:27 AM | 2 min read

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Shiba Inu (CRYPTO: SHIB), dubbed as the ‘Dogecoin (CRYPTO: DOGE) Killer,’ has seen its token burn rate surge by 1900% in the last 24 hours.

What Happened: Over 102 million SHIB tokens were permanently removed from supply in the last 24 hours.

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Data from Shibburn, an entity that tracks Shiba Inu token burns, confirmed the occurrence of a particularly large transaction in which over 93 million SHIB tokens were destroyed.

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This comes as Shiba Inu’s Open Interest (OI) recorded over 30% increase, while the long versus short positions on Derivatives point to 1.7933. Namely, OKX users are the most optimistic about Shiba Inu’s price trajectory, with the ratio standing at 2.34.

The ratio measures the balance between traders predicting a price rise (long positions) versus those anticipating a fall (short positions) for Shiba Inu. A ratio above 1.0 implies that more traders hold long positions, reflecting overall market optimism. At 2.34, this bullish sentiment is even stronger, meaning many more traders expect prices to go up rather than down.

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: The SHIB community is currently poised for the introduction of initiatives like the K9 Finance Liquid Staking Derivatives platform, and they are particularly interested in the auto-burning feature that is expected to reduce SHIB’s token supply further.

Last month, Shibarium developers unveiled a dual-component burning mechanism aimed at stepping up the pace of these burns. This mechanism utilizes BONE token fees collected within the network for manual burns.

Price Action: At the time of writing, SHIB was trading at $0.000010 up 5.22% in the last 24 hours, according to Benzinga Pro.

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?

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Wow! The S&P 500 hit an all-time high. Tech and health sectors are red hot. Now’s the time to learn Nic Chahine’s 411% gains-with-options secret. Grab his free report now.