'Dogecoin Killer' Shiba Inu Burn Rate Up 875% But Price Down 10%: What Is Going On？

　　Why It Matters:Lookonchain data shows the hacker of Indian crypto exchange WazirXselling 35 billion SHIB , worth $618,000. The hacker still holds 5.4 trillion SHIB, worth $95.5 million, creating potential selling pressure on SHIB.

　　Crypto trader Viktor reacted on the WazirX dump, saying there is a large risk of squeeze and at a later date people are likely to start “frontrunning the end of the selling.” He expects SHIBs price to decline further and suggested that the less risky trade is to “short any strong low time frame bounce” until the hacker holds a lot of Shiba Inu coins.

　　Shibariumscan data shows daily transactions up to 8,390 on July 17 from 2,860 on July 16. This is the highest since July 3. IntoTheBlock data shows large transaction volume increased by 32.8% and daily active addresses rose by 8.2%.