Shiba Inu Token Burn Rate Surges Over 1,400%
The Shiba Inu (SHIB) ecosystem has seen a sharp 1,431.4% increase in its token burn rate in the past 24 hours. According to Shibburn, more than 1.07 million SHIB tokens were sent to inactive wallets. These tokens are now permanently removed from circulation. This burn effort is community-driven and aims to reduce the overall supply.
Currently, SHIB’s price is steady around $0.000013. The token’s market capitalization stands near $7.7 billion.
Whale Activity and Network Transactions Decline
On-chain data shows significant whale movements over the weekend. More than seven trillion SHIB tokens were transferred. Notably, Kraken moved 512 billion SHIB to an unknown wallet. Meanwhile, daily transactions on the Shibarium network have been falling since late August, according to data from Shibariumscan.
Security Breaches and Market Outlook
The Shiba Inu ecosystem faced security challenges recently. The team confirmed a hack on its Layer-2 network, Shibarium. The breach led to the theft of a large amount of crypto assets. A bounty of 50 ETH, worth about $229,000, is offered for the return of the stolen funds. This followed a flash loan exploit that caused SHIB’s price to drop by 5%.
Despite these issues, some analysts remain hopeful. Crypto trader Javon Marks predicts a potential rally of over 138%, saying, “It’s now a matter of timing only.” Analysts at InvestingHaven called the current price a “tactical pullback” but warned that risks remain.
The recent surge in SHIB’s burn rate shows strong community support. However, security flaws and declining network activity pose challenges. The future of Shiba Inu depends on fixing these issues and regaining investor trust.
