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Shiba Inus SHIB/USD burn rate shot up significantly in the last 24 hours even as the memecoin faced intense selling presure from the sale of tokens stolen from Indian cryptocurrency exchange WazirX.
What Happened: Nearly 52 million SHIB tokens were kicked out of circulation, according to the official burn trackerShibburn, representing an impressive 875% spike.The surge in burn rate exerted deflationary pressure but was not enought to offset the pain caused by hackers of WazirX who dumped trillions of SHIB in the last 24 hours.
The popular dog-themed coin fell 8% in the past 24 hours following a security breach at the trading platform, which led to the loss of $230 million in cryptocurrencies, primarily in SHIB.
The attackers sold the entirety of 5.4 trillion SHIB, the total worth of which was $94 million as of writing, according to data from Spot On Chain.
SHIB's trading volume more than tripled in the last 24 hours to $1.29 billion, indicating panic-selling by investors.
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Why It Matters: SHIB's slump influenced other memecoins, as Dogecoin DOGE/USD and Pepe PEPE/USD also witnessed notable declines. The total memecoin market cap plunged 4.49% in the last 24 hours.
According to IntoTheBlock, whales actively offloaded SHIB, as evidenced by an astounding 1876% increase in high transaction volume for the memecoin.
Price Action: At the time of writing, SHIB was exchanging hands at $0.00001769, down 8% in the last 24 hours, according to data from Benzinga Pro.
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