A recent event in the Shiba Inu community drew investor attention as nearly 13 million tokens were burned in a single day. Despite this, the token price saw a noticeable decline.
Reasons for Record SHIB Burns
Data from Shibburn shows an astonishing 12,833% increase in the Shiba Inu burn rate recently. Community members directed a total of 13.09 million SHIB to designated burn addresses to reduce supply. Two transactions accounted for a combined 12.51 million SHIB of the burn. Approximately 410.75 trillion SHIB have been burned since 2021, leaving 584.53 trillion in circulation.
Impact on Price and Market
Despite the significant burn, SHIB's price dropped over 3%, decreasing from $0.00001168 to $0.00001124. Experts believe this price drop is linked to not only supply issues but also trading volume and overall market sentiment. While supply reduction might eventually benefit SHIB prices, current conditions have led to a decrease in value.
Community Against Counterfeits
Lucie, Shiba Inu's marketing officer, issued a warning through social media about potential scams involving fake SHIB coins. She emphasized that 'the only real SHIB coin was born on Ethereum,' urging investors to avoid similarly named coins on alternative networks. She recommended blocking misleading content and steering clear of fraudulent offers.
The Shiba Inu team and community continue their efforts to maintain market integrity and combat scams. Strategic token burns and community engagement will help navigate the uncertainties of the cryptocurrency landscape.
