The consequences of FTX continue to worsen. PeckShield reports that an address called “FTX Accounts Drainer” traded 2346 ETH for 400 billion Shiba Inu (SHIB) tokens, worth about $3.9 million. At a price of $2.9 million, the Ethereum represents a loss of roughly $1 million for the associated address.
Etherscan reports that on the morning of November 12th, just hours after the FTX hack, 400 billion Shiba Inu tokens were traded using the CoW protocol. In all, the hack stole 593 billion Shiba Inu tokens, worth over $5.7 million. Yet, the attack resulted in a theft of nearly $600 million. No one knows who the attacker is.
Shiba Inu Burn rate spikes amid market slump
At a time when the crypto markets are preparing for the coming winter, SHIB’s burn rate has skyrocketed to 1064.67%. The surge was caused by a single transaction that sent over 23 million SHIB tokens to a now-defunct wallet. It’s a lot more than what we used up over the weekend.
Memecoins outpace Bitcoin
SHIB’s price falls despite the burn. SHIB’s market cap is below $6 billion. Many SHIB fans hope Shibarium’s launch will boost the token’s price. No launch date is set.
Shibarium layer-2’s team said they’d update the community soon, but no word yet. Shiba Inu plans to launch a reward token TREAT and a stablecoin Shi.
SHIB rose 1.6% in 24 hours to $0.00000927. Last week, the token fell 21.6%. The token’s all-time high was $0.00008616 in October 2021.
Source: Watcher.guru
Disclaimer: This isn’t financial advice; it’s just for education. Crypted Crypto can’t guarantee its accuracy. Every investment and trade carries some risk, so always do your own research. Invest only what you can afford to lose.
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