Shiba Inu Sees 874% Surge in Burn Rate Despite WazirX Hack

Shiba Inu (SHIB) experienced a significant setback today following the WazirX hack. This event heavily impacted SHIB’s price. Nonetheless, there is a positive development for this popular meme coin.

Burn Rate Skyrockets

According to Shibburn, SHIB’s burn rate soared by 874.74% in the last 24 hours. Over 8.7 million tokens were sent to dead wallets during this period. The largest transaction, nearly six hours ago, saw approximately five million Shiba Inu tokens destroyed. We have removed 410 trillion tokens from the initial circulation supply of SHIB so far.

Currently, 583 trillion tokens remain in circulation. This burning event is crucial, especially as SHIB’s price needs a significant boost right now. Reducing a coin’s supply typically injects bullish momentum into its price movements. For SHIB, the community is committed to continuously reducing its supply. The ultimate goal is to transform SHIB into a deflationary asset, which would eventually boost its price.

Shiba Inu Price Dynamics

Despite today’s significant burning event, we need to make more effort to make Shiba Inu a truly deflationary coin. We will feel the impact of burning over the long term. As a result, the SHIB price has not yet responded to this development. Currently, SHIB is down 9.44% in the last 24 hours, with its price at $0.00001757.

This major price drop directly results from the recent hack on India’s largest crypto exchange, WazirX, compromised earlier today. More than $230 million in user assets were exploited in this attack, with around $102 million in Shiba Inu. Consequently, SHIB’s price crashed severely. It remains to be seen how the coin will recover from this point.

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While the surge in SHIB’s burn rate is a promising development, the recent WazirX hack poses a significant challenge. We have yet to see the long-term effects of reducing SHIB’s supply, and the coin’s community must remain vigilant and persistent in its efforts to create a deflationary asset.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.