'Dogecoin Killer' Shiba Inu Burn Rate Shoots Up 875% Even As Price Comes Under Pressure After WazirX Hack
Portfolio Pulse from Aniket Verma
Shiba Inu (SHIB) experienced a significant 875% increase in its burn rate, removing 52 million tokens from circulation. However, this was overshadowed by a massive sell-off of 5.4 trillion SHIB tokens, worth $94 million, following a hack on the WazirX exchange. The price of SHIB fell 8%, and the overall memecoin market cap dropped 4.49%. Trading volume for SHIB tripled to $1.29 billion, indicating panic-selling.
July 19, 2024 | 4:12 am
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NEGATIVE IMPACT
Dogecoin (DOGE) experienced a decline influenced by the slump in Shiba Inu (SHIB) following the WazirX hack.
The decline in SHIB influenced other memecoins, including Dogecoin, leading to a notable decline in its price.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
Pepe (PEPE) witnessed a decline influenced by the slump in Shiba Inu (SHIB) following the WazirX hack.
The decline in SHIB influenced other memecoins, including Pepe, leading to a notable decline in its price.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
Shiba Inu (SHIB) saw an 875% increase in its burn rate, but the price fell 8% due to a massive sell-off following the WazirX hack. Trading volume tripled, indicating panic-selling.
The significant increase in burn rate was not enough to counteract the negative impact of the massive sell-off of SHIB tokens following the WazirX hack. The price drop and increased trading volume indicate panic-selling.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100