'Dogecoin Killer' Shiba Inu Burn Rate Up 875% But Price Down 10%: What Is Going On?

Shiba Inu SHIB/USD is under pressure by a hack of Indian crypto exchange WazirX but still enjoys positive fundamental indicators.

What Happened: Lucie, the marketing lead of Shiba Inu, announced that its game Shiba Eternity will fully integrate with the Shibarium blockchain. The game will use Shibarium to improve gaming and plans to change digital gaming and ownership.

The game will utilize BONE for transactions on the blockchain and with each transaction it will burn SHIB, thereby adding value to the Shiba Inu ecosystem.

The Shiba Eternity cards will be NFTs on the Shibarium network stored in small wallets and can be traded in the Shib marketplace.  

Shibburn data shows the burn rate spiking another 875%, with 3.4 million coins burned in one single transaction and 5 million coins burned in another transaction.

Price Action: In the past 24 hours, SHIB is down 9.6%, reducing its weekly gains to 4.2%.

Also Read: ‘Dogecoin Killer’ Shiba Inu Setting Up For ‘Inevitable Bull Run’ As Burn Rate Soars 297% In Single Day

Why It Matters: Lookonchain data shows the hacker of Indian crypto exchange WazirX selling 35 billion SHIB , worth $618,000. The hacker still holds 5.4 trillion SHIB, worth $95.5 million, creating potential selling pressure on SHIB.

Crypto trader Viktor reacted on the WazirX dump, saying there is a large risk of squeeze and at a later date people are likely to start "frontrunning the end of the selling." He expects SHIB’s price to decline further and suggested that the less risky trade is to "short any strong low time frame bounce" until the hacker holds a lot of Shiba Inu coins.  

Shibariumscan data shows daily transactions up to 8,390 on July 17 from 2,860 on July 16. This is the highest since July 3. IntoTheBlock data shows large transaction volume increased by 32.8% and daily active addresses rose by 8.2%.

What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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