Shiba Inu’s Burn Rate Crosses 200%, New Developments Coming In
Shiba Inu, the popular memecoin often seen as a challenger to Dogecoin, is back in the spotlight with its burn rate skyrocketing by over 200% in the last 24 hours. The surge in burn rate has led to a high level of volatility in the token’s price recently.
Insights from Shibburn revealed that the burn rate surged by a staggering 210.27% in the past day, resulting in the burning of 24.63 million tokens from the overall supply. Coinglass data indicated a slight 0.28% decrease in the token’s open interest, now standing at $57.84 million, while the volume increased by 2.31% to $113.34 million. The derivatives market has observed heightened trading activity, although the drop in open interest signals a bearish sentiment.
In a significant development, Shiba Inu has been included in the newly launched meme-coin index by VanEck subsidiary, MarketVector. The index tracks the performance of the six largest memecoins, with Shiba Inu being assigned a weight of 28.01%, reflecting its substantial influence and stability in the crypto market. This recognition further underscores the impact of Shiba Inu in the digital asset space.
Moreover, AI projections suggest a positive trajectory for Shiba Inu, with estimates indicating a potential price target of $0.0194. The sentiment among investors remains bullish, with an 86% confidence level in its recovery phase. By the end of May, Shiba Inu is forecasted to reach $0.00008503, marking a significant 247% increase from its current price. The optimistic predictions point towards a strong recovery for the dog-themed cryptocurrency.
The latest update from K9 Finance introduces new features on the Bone Crusher platform, including a detailed tutorial video showcasing upcoming functionalities. Users can now securely connect their digital wallets to the platform, facilitating smoother transactions and enhancing the overall user experience. The update will also introduce staking capabilities and an advanced token-swapping feature, adding versatility to the platform.
With these developments on the horizon and bullish projections for Shiba Inu, the memecoin continues to capture attention within the crypto community as it navigates through the rapidly evolving digital asset landscape.
