🔴$SHIB Skyrockets 874% in Major Metric 🔴
Over 8.7 Million Shiba Inu Tokens Destroyed in Major Burn Event
Shiba Inu (SHIB) faced a significant blow earlier today due to the WazirX hack, severely impacting its price. However, a silver lining has emerged as the burn rate of SHIB skyrocketed by 874.74% in the last 24 hours, according to Shibburn.
Over 8.7 million tokens were sent to dead wallets, with the largest transaction destroying approximately five million SHIB tokens.
Overall, 410 trillion tokens have been removed from the initial circulation supply, leaving 583 trillion tokens in circulation. This burn event is crucial as it aims to make SHIB a deflationary asset, which could eventually be bullish for its price. Despite this, SHIB is currently down 9.44% in the last 24 hours, trading at $0.00001757.
The price crash is directly linked to the WazirX hack, where over $230 million of user assets were compromised, including $102 million in SHIB. The community remains determined to reduce SHIB’s supply, but it remains to be seen how the coin will recover from this point.
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