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Shiba Inu (SHIB) experienced a 7.85% price drop, but burn rate surged 4,822%, as the community incinerated 44,302,985 SHIB in 24 hours.
India’s largest crypto exchange, WazirX, recently fell victim to a massive hack, resulting in the theft of over 5 trillion Shiba Inu (SHIB) and other digital assets. Amid the incident, Shiba Inu has experienced a 7.85% price decline in the last 24 hours.
However, despite this turmoil, a significant increase in the SHIB burn rate has emerged.
Substantial Increase in Burn Rate
Shiba Inu burn rate surged by 4,822% in the last 24 hours. A total of 44,302,985 SHIB tokens were burnt during this period, indicating a substantial reduction in the token’s circulating supply.
Recent transactions include a notable burn of 35,422,511 SHIB. This sharp increase in burn rate highlights the community’s efforts to decrease the available supply and potentially boost the token’s value.
To date, over 410 trillion SHIB have been burnt from the initial supply, significantly reducing the number of tokens in the market.
Community is Pushing for Exchange-Supported Burns
Adding to the prospects, the Shiba Inu community has been vocal about reducing the token’s hefty circulating supply through more burn initiatives.
On July 10, enthusiasts pushed for substantial burns, with the Shiba Inu community-based burn tracker, Shibburn, exploring the idea of burning SHIB on Binance using trading fees.
Prominent community figure Lola requested Binance CEO Richard Teng to consider this initiative, drawing parallels to Binance’s support for the Terra Classic (LUNC) burn.
Can you please burn some #SHIB from the revenues you receive from trading fees ? You do this to LUNC and perhaps you can also do this to SHIB
— Lola (@CryptoLollla) July 9, 2024
Other Ongoing Developments and Future Projects
Amid the ongoing discussions, Shiba Inu’s ecosystem team is also focused on long-term success. Lucie, the SHIB marketing lead, highlighted ongoing developments in an X post, emphasizing remarkable behind-the-scenes efforts.
These advancements include the Shibarium version of Shiba Eternity scheduled for closed beta testing in Q3 2024, with public testing to follow. Additionally, the team is working on SHIB: The Metaverse, which could launch this year or next, and an upcoming L3 privacy blockchain.
During this press, Shiba Inu (SHIB) is priced at $0.00001766, up by 5.75% in the past 7 days.