'Dogecoin Killer' Shiba Inu Burn Rate Up 875% But Price Down 10%: What Is Going On?
Portfolio Pulse from Khyathi Dalal
Shiba Inu (SHIB) faces pressure from a hack on Indian crypto exchange WazirX, despite positive fundamental indicators like a high burn rate and increased transaction volume. The integration of Shiba Eternity with the Shibarium blockchain aims to enhance gaming and burn SHIB, adding value to the ecosystem. However, the hacker's large SHIB holdings pose a risk of further price decline.
July 18, 2024 | 11:57 am
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NEGATIVE IMPACT
Shiba Inu (SHIB) is under pressure due to a hack on WazirX, despite positive indicators like a high burn rate and increased transaction volume. The integration of Shiba Eternity with Shibarium aims to enhance gaming and burn SHIB, adding value to the ecosystem. However, the hacker's large SHIB holdings pose a risk of further price decline.
The hack on WazirX and the hacker's large SHIB holdings create significant selling pressure, likely leading to a short-term price decline. Despite positive fundamentals like a high burn rate and increased transaction volume, the market sentiment is expected to be negative until the hacker's holdings are reduced.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100