Shiba Inu a meme-based cryptocurrency, plunged 4% in value within the last 24 hours. This decline came as a result of a significant drop in the SHIB burn rate, with only 21 million tokens being burned during this period.
At the time of reporting, SHIB was trading at $0.000007292. Notably, over $250,000 worth of SHIB was liquidated in the past 24 hours, with $249,750 being associated with long positions, according to data from Coinglass.
The term “REKT” or “rekt” originates from the word “wrecked” and is commonly used as slang to describe something that is irreparably ruined or someone who has suffered significant losses in a trade. While the term is not exclusive to the crypto or trading world, it is often associated with traders experiencing major losses at some point in their trading journey.
Despite the drop in value, the trading volume of SHIB saw a 15% increase, reaching $112.8 million on Tuesday, data from CoinMarketCap shows.
Additionally, Shibarmy Scam Alerts, an X account dedicated to protecting the Shiba Inu community from scams and malicious actors, issued a warning urging users to exercise caution when connecting their crypto wallets to unknown decentralized applications (Dapps).
“scammers can be highly deceptive by creating Dapps that closely resemble legitimate platforms associated with Shiba Inu, Bone ShibaSwap, Doge Killer, and other memecoins,” said The Shibarmy Scam Alerts team.
“Always double-check the name and URL of the Dapp to make sure you’re using the official and trusted version,” said Shibarmy Scam Alerts.
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Edited by Miriam Onyango and Newsdesk Manager
