446.40% $SHIB Burnt After WazirX Security Breach – Shiba Shootout Nears $700K Milestone
- Indian-based crypto exchange WazirX experienced a security breach on Thursday, resulting in the theft of $5T Shiba Inu ($SHIB).
- In response, the $SHIB communityhelped increase the coin's burn rate by 446.40% to make the coin scarcer and (hopefully) more desirable.
- The NFT integration on the Shibarium network should further boost the coin's demand.
- Shiba Shootout ($SHIBASHOOT) capitalizes on $SHIB's popularity and Play-to-Earn (P2E) elements.
Wazir X (India's largest crypto exchange) suffered a serious security breach on July 18, with $5T Shiba Inu ($SHIB) stolen, among other cryptocurrencies.
After the news broke, $SHIB's price plummeted by 10.53%, from $0.000019 to $0.000017. However, it remains the second-largest meme coin with a $10.14B market cap.
$SHIB's burn rate has increased by 446.40% over the past 24 hours to strengthen its market position.
$SHIB holders are burning their tokens to increase scarcity and boost the coin's value. Other plans to boost $SHIB's stance are underway, including NFT integration.
Moreover, new meme coins like $SHIBASHOOT seek to capitalize on $SHIB's achievements despite the recent troublesome times.
Let's discuss how the WazirX breach impacts Shiba Inu and why Shiba Shootout still stands to gain.
$48M+ $SHIB Burnt in 24-Hours for Breach RecoveryShiba Inu's community advocates burning part of the token's supply to boost the token's long-term success.
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
To mitigate the impact of the theft, token holders have burnt $48M+ $SHIB (410.73T tokens) of the 999T+ max supply over the past 24 hours.
The 454.08% increased burn rateand upcoming developments indicate brighter days ahead for $SHIB, as does the broadening of its functionality and utility.
For example, $SHIB's marketing lead LucieSHIB recently teased a major update for the Layer-2 protocol's gaming ecosystem - tradable in-game NFTs.
All cards ( from @shibaeternity ) are NFTs on the #Shibarium network," Shib Games lead, Angel, explained, securely stored in your connected smart wallet, which you can trade in the Shib Marketplace. ( coming soon)
The Shib Games team @shibaeternity thought about loyal players,... pic.twitter.com/gB65hlboui
- (@LucieSHIB) July 18, 2024
Considering the P2E market is estimated to reach $6.325B by 2030, Shiba Inu could gain significant popularity if it adds NFTs to its GameFi ecosystem.
Several crypto projects have high market caps because of implementing P2E elements:
P2E rewards incentivize token holders to participate in the ecosystem for long-term growth. It's no wonder $SHIBASHOOT combines the Shiba Inu meme appeal and the P2E realm.
Shiba Shooutout to Join the P2E Arena$SHIBASHOOT aims to capture the hearts of $SHIB's degen investors (and burners).
The Shiba Inu-inspired meme coin is currently on presale andhas raised almost $700K. It is selling for $0.0196 and could reach $0.025 by 2025.
The project's reward-focused incentives likely contribute to its success:
- Crypto poker tournaments and virtual treasure hunts that reward winners with tokens
- Friend referrals for bonus $SHIBASHOOT rewards
- Campfire stories that let token holders share their crypto experiences to win $SHIBASHOOT
- Lottery tickets to win more prizes and contribute to charities
- Staking to earn passive income when locking up $SHIBASHOOT (current 1,450% APY)
According to Shiba Shootout's whitepaper, the developers will join the P2E arena once the presale ends.
To buy $SHIBASHOOT, visit the official presale website, connect your wallet, select the number of tokens you want to purchase, and confirm the transaction.
Final ThoughtsAlthough WazirX's security breach has impacted $SHIB's value, the community's token burning and upcoming P2E initiatives could mitigate the aftermath and enhance its long-term growth.
Meanwhile, $SHIBASHOOT, with its upcoming P2E elements and token rewards, will likely build on $SHIB's success and drive new growth for the presale meme coin.
ReferencesClick to expand and view references
- Shiba Inu Price Today (CoinMarketCap)
- Latest Burn Transactions (Shibnurn)
- Why do NFTs matter for gamers? (coinbase)
- PLAY-TO-EARN NFT GAMES MARKET REPORT OVERVIEW (Business Research Insights)
- FLOKI Price Today (CoinMarketCap)
- Notcoin Price Today (CoinMarketCap)
- Axie Infinity Price Today (CoinMarketCap)
- Shiba Shootout Whitepaper (Shiba Shootout)
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