Shiba Inu (SHIB) has experienced a significant increase in its burn rate, with a recent spike of 875%. However, the price of SHIB has declined by 10% in the past 24 hours, reducing its weekly gains to 4.2%.
Shiba Eternity Integration with Shibarium
Lucie, the marketing lead of Shiba Inu, announced that the game Shiba Eternity will fully integrate with the Shibarium blockchain. The game will use Shibarium to improve gaming and plans to change digital gaming and ownership. Transactions in the game will utilize BONE for transactions on the blockchain and will burn SHIB, thereby adding value to the Shiba Inu ecosystem.
Burn Rate and Price Action
Shibburn data shows the burn rate spiking another 875%, with 3.4 million coins burned in one single transaction and 5 million coins burned in another transaction. However, in the past 24 hours, SHIB is down 9.6%, reducing its weekly gains to 4.2%.
WazirX Hack and Selling Pressure
Lookonchain data shows the hacker of Indian crypto exchange WazirX selling 35 billion SHIB, worth $618,000. The hacker still holds 5.4 trillion SHIB, worth $95.5 million, creating potential selling pressure on SHIB. Crypto trader Viktor reacted to the WazirX dump, saying there is a large risk of squeeze and at a later date people are likely to start “frontrunning the end of the selling.” He expects SHIB’s price to decline further and suggested that the less risky trade is to “short any strong low time frame bounce” until the hacker holds a lot of Shiba Inu coins.
Shibarium Network Activity
Shibariumscan data shows daily transactions up to 8,390 on July 17 from 2,860 on July 16, which is the highest since July 3. IntoTheBlock data shows large transaction volume increased by 32.8% and daily active addresses rose by 8.2%.
These developments highlight the mixed signals in the Shiba Inu market, with a significant increase in burn rate but a corresponding decline in price due to the WazirX hack and selling pressure.
