- Shiba Inu‘s marketing lead recently urged the community to adopt DeFi solutions. It highlighted the risks associated with centralized platforms.
- Amid ongoing volatility, the SHIB price continues to draw significant attention.
Shiba Inu (SHIB) is making waves with a dramatic increase in its burn rate. The token has generated buzz among cryptocurrency enthusiasts.
Over the past week, SHIB’s burn rate has surged, and the monthly rate has increased by 157.90%. On November 1 alone, nearly 6 billion tokens were removed from circulation in a single transaction.
đ„đ„đ„ 6,133,934,758 $SHIB tokens have been burned in the month of October with 105 transactions. #SHIB pic.twitter.com/ahe1KT6Bed
— Shibburn (@shibburn) November 1, 2024
Despite this, the SHIB price saw only a slight increase until late October. A decline followed that, which was in line with global market sentiment. However, with a recent uptick in sentiment, the SHIB price has turned green again on intraday.
Despite this progress, the Shiba Inu price faced a significant challenge in reaching $0.001. This would require a rally of over 13,000%. Such a leap is unlikely without major catalysts or widespread adoption.
Moreover, a situation occurred where a team member recently highlighted a significant challenge within the ecosystem. It has sparked discussions about SHIB’s future price trajectory amid the current market downturn.
Shiba Inu Community Dependence on CEX
In a recent X post, Lucie, Shiba Inu‘s marketing lead, emphasized the importance of security in the crypto market. This was witnessed as Lucie stated that its growth hinges on the harmony between decentralized finance (DeFi) and unity.
Her comments were in response to a post by @ShibianaBones. Due to security concerns, this revealed that many Shiba Inu community members favor large CEX over DEX wallets like MetaMask.
ShibianaBones suggested that the price of BONE could rise significantly if listed on the top 3 to 5 exchanges.
Lucie agreed but stressed that the community needs a deeper understanding of DeFi. She clarified, “It’s not just about boosting Bone’s priceâmy focus is on the overall growth of Shibarium, Shib, Bone, and the entire Shib ecosystem.”
Security Breaches over Mainstream Wallets, Suggestion for SHIB
The marketing expert pointed out that several major wallets and exchanges have faced security breaches in recent years. That led to significant user losses and eroded trust in the crypto ecosystem.
According to Chainalysis, over $1.7 Billion in crypto was stolen in 2023, following $3.8 Billion in 2022. Lucie mentioned notable hacks, such as the 2014 Mt. Gox incident and breaches at Bitfinex, Coincheck, KuCoin, Binance, and Poly Network.
In August 2023, hackers exploited a vulnerability in the Poly Network’s decentralized finance system, stealing over $34 Billion. Remarkably, all the stolen assets were returned within 15 days.
Additionally, after FTX filed for bankruptcy in 2022, many users reported zero balances in their wallets. Over $477 Million was stolen on the day of the bankruptcy filing.
Given these incidents, Shiba Inu investors are urged to understand the crypto space before investing their funds on any platform.
SHIB Price and Anticipations
Shiba Inu‘s volatility has recently dropped to nearly zero, with the asset now trading within a narrow range.
The SHIB price was priced at $0.00001768. That marked a 5% increase over the past 24 hours. The daily trading volume has surged by 40% to $384.17 Million. This indicated renewed investor interest.
This price boost follows a peak in trading activity on the Shibarium network. If market sentiment towards memecoins improves, the SHIB price could experience a significant breakout. Despite ongoing market uncertainties, Shiba Inu seems poised for a potential surge.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they donât establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
