The Shiba Inu (SHIB) meme crypto has seen its burn rate skyrocket by 5280%, getting holders all fired up. This big jump, which took 44.30 million SHIB tokens out of play in just a day, has got the community talking non-stop about where the coin’s price might go.
However, the buzz is cooled off by the bigger market picture and new security concerns affecting the frog-themed meme crypto.
The latest data from Shibburn tracker shows that the SHIB burn rate shot up by 4822.88% over the last 24 hours. On July 18, the Shiba Inu community destroyed 48.47 million coins, bringing the total number of burned tokens to 410.727 trillion. This burning procedure is part of a community effort to reduce the current supply of coins, which is 589.27 trillion.
Source: Shibburn
This increase in burn rate aims to boost SHIB’s tokenomics by making it scarcer and possibly raising its value. The Shiba Inu community is all in for this plan, hoping it’ll balance out the meme coin’s huge supply.
Shiba Inu Market Sentiment and Speculation
Despite burning millions in SHIB tokens, its price action has encountered some difficulties. The coin’s value went down, trading in the red, and moving alongside the overall market slump. As of writing, SHIB is trading at $0.0000177, with its total market capitalization around $10.4 billion.
While the astronomical burn rate fuels bullish expectations, market dynamics are complex, and several external factors may influence SHIB’s price trajectory.
One such factor casting a shadow over SHIB’s immediate prospects is the recent security breach at WazirX, India’s largest crypto exchange. In a massive hack, 5.4 trillion SHIB tokens worth $100 million were stolen. The hacker has reportedly begun liquidating these tokens, selling large quantities that have added selling pressure, contributing to a 10% drop in SHIB price.
UPDATE: The WazirX Hacker is out of SHIB.$102.1M SHIB was stolen this morning from WazirX and has now been fully sold off by the attacker. pic.twitter.com/sjCSZJhdIv
— Arkham (@ArkhamIntel) July 18, 2024
Even though the WazirX hack and selling pressure make SHIB’s near-term future unclear, the community stays strong and hopeful. Lucie, Shiba Inu’s marketing head, has urged Indian investors to remain calm and reassured them about the project’s resilience. The community’s ongoing commitment to burn initiatives and strategic developments signal a proactive approach to enhancing SHIB’s value over time.
Moreover, historical patterns and strategic initiatives such as the Shibarium layer-2 network, which automates further burns through transaction fees, highlight the project’s long-term deflationary goals. These measures are crucial to fortify SHIB’s economic model and foster growth.
