Shiba Inu’s Burn Rate Crosses 200%, New Developments Coming In

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The post Shiba Inu’s Burn Rate Crosses 200%, New Developments Coming In appeared first on Coinpedia Fintech News

Shiba Inu, a prominent memecoin that keeps challenging Dogecoin, is once again in the news as the burn rate soars 200%, which has rendered its price highly volatile in the past 24 hrs. 

Shibburn’s insights revealed the burn rate surged 210.27% in the last 24 hrs burning 24.63 million tokens from the supply.

Coinglass data showed a slight 0.28% decrease in the token’s open interest, reaching $57.84 million, whereas its volume increased by 2.31% to $113.34 million. The derivatives market witnessed increased trading activity, while a drop in its open interest depicted a bearish sentiment. Shiba Inu has recently seen making headlines with the latest developments discussed below.

Shiba Inu in Memecoin Index

Shiba Inu was also acknowledged in the newly launched VanEck subsidiary’s meme-coin index, MarketVector, which tracks the 6 largest memecoin performances. It underscored Shiba Inu’s significant impact, stability, and influence in the crypto market. As MarketVector capped the weightings of the assets in the index at 30%, Shiba Inu was given the weight of 28.01%.

Shiba Inu’s 2050 Projections!

Interestingly, In another report, the AI giants project Shiba Inu to reach $.0194, with the current market sentiments being 86% bullish. Investors are very much confident in its recovery stage. The Shiba Inu at the end of May is projected to be at $0.00008503, which is a little below its ATH price. The figure also marks a 247% increase from its current price which is huge, reflecting the positive dominance around the dog-themed crypto. While Changelly analysts project Shiba Inu to reach $0.0194 in July 2050, while the AI Chatbot Google Bard predicts for it to reach the level in 2040, presenting two different scenarios. 

K9 Finance Major Updates

The latest update from K9 finance includes a detailed tutorial video that showcases forthcoming features in the Bone Crusher platform. It also demonstrates the new wallet connectivity features that allow users to link their digital wallets securely with the platform. This will also simplify transactions and improve user experience. The update will also introduce staking functionality. An advanced token-swapping feature is also set to be introduced. Users will be able to claim their rewards in KNINE, BONE and other tokens.