SHIB Burn Rate Surges Over 360% Amid Price Decline Following Bitcoin Movement
Main Idea
The SHIB burn rate surged 367% in the past week due to a whale burning 600 million tokens, while SHIB's price dropped 11% following Bitcoin's decline, highlighting the correlation between SHIB and Bitcoin's market movements.
Key Points
1. SHIB burn rate increased by 367.83% in seven days, driven by a whale burning 600 million tokens.
2. SHIB price fell 11.11%, mirroring Bitcoin’s 2% decline after a major BTC purchase announcement.
3. Strategy’s acquisition of 21,021 BTC valued at $2.46 billion highlights institutional confidence despite market dips.
4. SHIB burns reduce token supply, potentially increasing scarcity and long-term value.
5. SHIB’s price typically follows Bitcoin’s trends, as seen in the recent 11.11% drop following Bitcoin’s 2% slide.
Description
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