The “Secret Sauce” Behind Shiba Inu’s Recent 60% Rally
Main Idea
Shiba Inu's recent 60% price surge is attributed to a significant increase in token burn rate, which has heightened demand by reducing supply, echoing past trends like Vitalik Buterin's 2021 token burn.
Key Points
1. Shiba Inu's price surged 60% over four weeks, driven by a spiking token burn rate.
2. WallStreetBets founder Jamie Rogozinski linked the price rise to Shiba Inu's token burn campaign, emphasizing scarcity-driven demand.
3. The project burned 636.68 million tokens recently, causing a 478.9% spike in burn rate.
4. The trend mirrors a 2021 event where Ethereum co-founder Vitalik Buterin burned SHIB tokens, leading to a price surge.
5. Despite the rally, SHIB's price dropped 15% amid a broader altcoin market pullback.
Description
Shiba Inu’s price surged 60% over the past four weeks. A spiking token burn rate is behind Shiba Inu’s increasing demand. The ongoing Shibburn reinforces a pattern that started with Vitalik Buterin in 2021. WallStreetBets founder Jamie Rogozinski has attributed the recent surge in SHIB’s price to the Shiba Inu team’s relentless token burn campaign. According to Rogozinski, the leading memecoin project has reinforced the idea that scarcity can boost demand after the latest burn exercise propelled...
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