- Indian-based crypto exchange WazirX experienced a security breach on Thursday, resulting in the theft of $5T Shiba Inu ($SHIB).
- In response, the $SHIB community helped increase the coin’s burn rate by 446.40% to make the coin scarcer and (hopefully) more desirable.
- The NFT integration on the Shibarium network should further boost the coin’s demand.
- Shiba Shootout ($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 Recovery
Shiba 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 rate and 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
— 𝐋𝐔𝐂𝐈𝐄 (@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 and has 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 Thoughts
Although 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.
References
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Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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