The Shiba Inu community is facing an unprecedented coin burn event, destroying nearly 13 million SHIB coins over a 24-hour period. However, this has not prevented a decline in token prices.
The Surging Coin Burn Rate of Shiba Inu
According to Shibburn, the coin burn rate for Shiba Inu surged by 12,833% since 'yesterday morning.' Community members aim to reduce circulating supply by directing a total of 13.09 million SHIB coins to burn addresses. Two separate transactions accounted for the majority of this, removing 5 million and 7.51 million SHIB from circulation. As of now, the total amount of SHIB destroyed since 2021 has reached 410.75 trillion, leaving 584.53 trillion SHIB in circulation.
Decline in SHIB Prices
Despite the increased coin burn, the decline in price indicates that supply limitation alone is not sufficient to prevent short-term price fluctuations. Analysts highlighted that investor interest still largely depends on factors such as low trading volume and overall market sentiment. Although the coin burn process is expected to mitigate supply pressure in the long run, the current selling pressure has kept SHIB hovering around the $0.00001124 mark.
Warning Against Fake SHIB Coins
Shiba Inu’s marketing officer, Lucie, addressed the community via her social media account, urging vigilance against 'fake SHIB coin' traps. Lucie emphasized that 'the only real SHIB coin was born on Ethereum,' advising against investing in coins presented on different networks or under similar names. She recommended blocking suspicious content and avoiding scam offers. The timing of Lucie’s warning coincided with heightened social media interest following the high coin burn rate, highlighting an increased risk of identity fraud.
Recent events highlight not only the Shiba Inu community's determination to combat excess supply by burning coins but also the importance of exercising caution regarding potential fraud risks. Official warnings about fake coins emphasize the need to protect investors and maintain brand integrity.
