Shiba Inu Burn Rate Decline Spurs 4% Plunge, Longs In Distress

Shiba Inu SHIB/USD, a meme-based cryptocurrency, plunged 4% in value within the last 24 hours. This decline came as a result of a significant drop in the SHIB burn rate, with only 21 million tokens being burned during this period.

What Happened: At the time of reporting, SHIB was trading at $0.000007292. Notably, over $250,000 worth of SHIB was liquidated in the past 24 hours, with $249,750  being associated with long positions, according to data from Coinglass.

The term “REKT” or “rekt” originates from the word “wrecked” and is commonly used as slang to describe something that is irreparably ruined or someone who has suffered significant losses in a trade. While the term is not exclusive to the crypto or trading world, it is often associated with traders experiencing major losses at some point in their trading journey.

Will The SEC Finally Approve Long-Awaited Bitcoin Spot ETF? Ask industry experts directly at Benzinga's Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won't just be a passive spectator. Don't let this chance slip away – secure early bird discounted tickets now!

See More: A Stay At The Floating Palace From James Bond's ‘Octopussy

Why It Matters: Despite the drop in value, the trading volume of SHIB saw a 15% increase, reaching $112.8 million on Tuesday, data from CoinMarketCap shows.

Additionally, Shibarmy Scam Alerts, an X account dedicated to protecting the Shiba Inu community from scams and malicious actors, issued a warning urging users to exercise caution when connecting their crypto wallets to unknown decentralized applications (Dapps).

The Shibarmy Scam Alerts team highlighted that scammers can be highly deceptive by creating Dapps that closely resemble legitimate platforms associated with Shiba Inu, Bone ShibaSwap BONE/USD, Doge Killer LEASH/USD, and other memecoins. "Always double-check the name and URL of the Dapp to make sure you're using the official and trusted version," Shibarmy Scam Alerts added.

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?

Image via Shutterstock