Shiba Inu’s Burn Rate Surpasses 200%, Anticipate Promising Updates
Shiba Inu, a well-known memecoin that continues to rival Dogecoin, is once again making headlines due to its skyrocketing burn rate, causing its price to become highly volatile over the past 24 hours.
Insights from Shibburn reveal that the burn rate has surged by an impressive 210.27% in the last day, resulting in the destruction of 24.63 million tokens from the total supply.
According to data from Coinglass, there has been a slight decrease of 0.28% in the token’s open interest, which now stands at $57.84 million. However, its trading volume has increased by 2.31% to reach $113.34 million. The derivatives market has experienced heightened trading activity, but the decrease in open interest suggests a bearish sentiment. Shiba Inu has been generating significant attention lately due to the following recent developments.
Shiba Inu Included in Memecoin Index
Shiba Inu has also been recognized in the newly launched meme-coin index, MarketVector, by VanEck subsidiary. This index tracks the performance of the six largest memecoins and highlights Shiba Inu’s substantial impact, stability, and influence in the cryptocurrency market. As MarketVector limits the weightings of assets in the index to 30%, Shiba Inu has been given a weight of 28.01%.
Shiba Inu’s Projections for 2050
Interestingly, AI giants project that Shiba Inu will reach a price of $0.0194, with current market sentiments being 86% bullish. Investors are highly confident in its recovery stage. By the end of May, Shiba Inu is projected to reach $0.00008503, which is slightly below its all-time high price. This represents a massive 247% increase from its current price, highlighting the overwhelmingly positive sentiment surrounding this dog-themed cryptocurrency. While analysts at Changelly project Shiba Inu to reach $0.0194 in July 2050, the AI Chatbot Google Bard predicts it will reach this level in 2040, presenting two different scenarios.
Major Updates from K9 Finance
The latest update from K9 Finance includes a comprehensive tutorial video that showcases upcoming features in the Bone Crusher platform. It also demonstrates the new wallet connectivity features, allowing users to securely link their digital wallets with the platform. This will simplify transactions and enhance the user experience. The update will also introduce staking functionality, as well as an advanced token-swapping feature. Users will be able to claim their rewards in KNINE, BONE, and other tokens.
Tags: Shiba Inu, SHIB