Analysis of Recent SHIB Token Burns and Cautionary Notice

The Shibburn data platform has highlighted a significant increase in SHIB burns observed in the last 24 hours, leading to a substantial number of coins being removed from circulation. This spike coincided with a sudden 5% decrease in the Shiba Inu price.

Noteworthy Surge in SHIB Burns

The data source revealed an impressive surge of over 10,990% in the SHIB burn rate within the past day. A considerable amount of meme coins, totaling 21,435,658 SHIB, were sent to inactive wallets. Over the last day, there were only two burn transactions, resulting in the removal of 21,315,658 and 120,000 Shiba Inu coins from circulation.

This surge represents a significant escalation from the 348% increase in the SHIB burn rate reported earlier by Shibburn.

The SHIB community's strategic burns aim to decrease the supply of Shiba Inu tokens in circulation, creating scarcity and potentially boosting the token's market value. Currently, there are 583,157,019,095,268 SHIB in circulation, with 410,726,512,305,470 SHIB already burnt.

The vast majority of burnt tokens, amounting to 410 trillion SHIB, were incinerated by Ethereum leader Vitalik Buterin three years ago. Buterin's disbelief in the future of SHIB led him to burn the gifted tokens.

Advisory Notice from the SHIB Team

Recently, the SHIB community shared an essential advisory issued by a member of the Shiba Inu team. The cautionary note came from a SHIB Discord admin known as DaVinci.

DaVinci warned the community against blind investment in new projects on the ShibaSwap dex claiming affiliation with the SHIB developer team. There has been an increase in fraudulent tokens, especially associated with the TREAT token, targeting the SHIB community for fund exploitation. DaVinci stressed that the Shibarium ecosystem token has not been officially launched, urging vigilance among the SHIB community.