Recent Shibburn data highlighted a significant surge in the Shiba Inu token burn rate. As expectations rise about the coin's potential, Susbarium has cautioned investors about possible risks.
Dramatic Increase in Token Burns
The Shibburn data revealed a 252,910% increase in the Shiba Inu token burn rate within 24 hours, with 5.6 billion SHIB tokens removed from circulation. Notably, one transaction accounted for 5.5 billion tokens. Such a considerable reduction in supply could potentially increase the meme coin’s value over time.
Susbarium Alerts and Recommendations
Susbarium has issued a warning for SHIB investors, advising caution regarding this transaction. The platform stated on X that certain projects might exploit these massive burns to attract the Shiba Inu community to presales or subpar tokens. Susbarium advises investors to conduct thorough research ('DYOR'), assessing the project team's credentials, roadmap, and the token's real utility. They also emphasize the importance of evaluating token distribution, especially the portion allocated to the team or insiders.
Shiba Inu Community's Response
Shiba Inu’s Marketing Lead, Lucie, expressed surprise at the magnitude of the $100,000 SHIB token burn, acknowledging its unusual nature. Her reposting of Susbarium's warning underscores her alignment with the platform's cautions. Shiba Inu developer Kaal Dhairya also voiced support for Susbarium's cautionary approach, highlighting fraudulent schemes involving fake 'TREAT' tokens.
The drastic increase in Shiba Inu token burns has drawn attention from the community, yet investors are advised to proceed with caution and evaluate projects thoroughly before committing funds to avoid potential risks.
