WazirX Hack Fails to Deter Shiba Inu: Token Burns and Network Activity Defy Expectations

• Shiba Inu boasts a vibrant community and a respectable market cap.
• The flagship memecoin has maintained its uptick in token burn rate.
• Surging network activity supports Shiba Inu’s potential for growth.

Shiba Inu, one of the most recognized leaders in the memecoin ecosystem, boasts a vibrant community and a respectable market capitalization. Reports suggest that if it were to capture half of Bitcoin ETF inflows, the native token (SHIB) could surge over 9,400% to reach $0.001477 from its current price of $0.00001625.

Apart from community activity, the Shiba Inu team’s sustained token burn program is a significant factor in the project’s recent success. Despite the Ethereum ETF launch’s recent dominance in the crypto market, Shiba Inu maintained its uptick in the token burn rate, announcing a 482% spike in 24 hours.

Data from Shibburn, the portal used to facilitate the burn process, shows the project burned 60,380,203 SHIB between July 22 and July 23, bringing the total number of SHIB burned in the preceding week to 135,026,217. This reflects a 27.66% increase in Shiba Inu’s weekly burn rate.

Increasing activity surrounding Shiba Inu reflects a surge in interest around the flagship memecoin. IntoTheBlock’s data shows Shiba Inu experienced an 8,530.25% surge in netflows last week. Although the increase in netflow was negative, it reflects sustained network activity for SHIB.

Analysts linked the negative surge in netflow to the recent attack on WazirX, the India-based crypto exchange. Reports show the hacker withdrew 5.4 trillion SHIB , equivalent to $100 million, and eventually sold the tokens. This caused a noticeable pullback in SHIB’s price from recent gains, pushing the memecoin back by 20% from its recent swing high.

SHIB traded for $0.00001625 at the time of writing, following four consecutive days of negative returns, according to data from TradingView.