The recent death of Balltze, the Shiba Inu dog known as Cheems, who was popular in meme culture, has had a noticeable impact on the cryptocurrency market, particularly on Dogecoin and Shiba Inu coin communities. Cheems passed away on August 18, 2023, due to cancer, and the news was met with widespread sadness among crypto enthusiasts who had embraced the dog as a symbol of joy and connection [oai_citation:1,Crypto users react to death of Shiba Inu behind viral memes](https://cointelegraph.com/news/crypto-users-react-death-shiba-inu-behind-viral-memes).
Following Cheems' death, there was a notable reaction in the market. The sentiment around meme coins like Shiba Inu $SHIB and Dogecoin $DOGE became a mix of nostalgia and speculative activity. The burn rate of Shiba Inu coins spiked dramatically by 800%, which typically indicates an effort to reduce the circulating supply and potentially increase the coin's value [oai_citation:2,'Dogecoin Killer' Shiba Inu Burn Rate Spikes 800%, Crypto Market Rallies As Sentiment Soars And More: This Week In Cryptocurrency - Benzinga](https://www.benzinga.com/markets/cryptocurrency/24/05/38631462/dogecoin-killer-shiba-inu-burn-rate-spikes-800-crypto-market-rallies-as-sentiment-soars-an). This surge in burn rate, along with the emotional responses from the community, temporarily boosted market sentiment and led to a rally in prices.
However, it's important to note that the broader crypto market is influenced by a variety of factors beyond such events. While the death of a beloved meme figure can cause short-term fluctuations and increased trading activity, the long-term value of these cryptocurrencies will depend more on market fundamentals and broader investor sentiment.
