The Shiba Inu team reports a zero burn rate for tokens, yet the community actively continues to remove tokens from circulation.
Token Burns Continue for SHIB
According to Shibburn, the daily token burn rate for SHIB has dropped to zero over the last 24 hours. Despite this reading, the community continues to remove coins from circulation through small decentralized transactions. A total of 671,832 SHIB tokens were sent to inaccessible wallets during the period, indicating community efforts to mitigate the excess supply.
Market Pressures Affecting Crypto
The SHIB token is currently trading at $0.00001175, reflecting a 12% decline over the past week. This drop matches the broader downturn in the cryptocurrency market, impacted by macroeconomic factors and declining investor sentiment. These conditions present challenges for SHIB holders, who are committed to reducing circulation.
SHIB Team Issues Scam Alerts
In the volatile market, Lucie, the marketing lead for Shiba Inu, issued a warning regarding increased scam activity targeting SHIB holders. She cited the brutal market conditions and advised users to beware of fraudsters exploiting times of market distress to push misleading token launches. Lucie highlighted the abnormal rate at which new tokens are created with recycled development teams under changed names, urging the community to exercise diligence regarding all sources, especially those reaching out through social media platforms like X.
Despite the challenges and the drop in token burn rates, the SHIB community shows commitment to tackling the excess supply. However, participants should remain cautious due to rising scams amid market uncertainty.
