In a stunning move, the Shiba Inu community has seen nearly 13 million SHIB tokens burned within a single day. The dramatic event has not led to the anticipated rise in prices; instead, the coin’s value dropped by more than 3%. Large transactions marked this burn, notably a 5 million and a 7.5 million SHIB transfer to inaccessible wallets. Post-burn, SHIB’s price decreased from $0.00001168 to $0.00001124. In response, warnings were issued about the circulation of counterfeit coins.
What Fueled the Spike in SHIB Burns?
Data from Shibburn reveals an eye-popping 12,833% increase in Shiba Inu’s burn rate over the past day. Community members targeted a reduction in supply by sending a total of 13.09 million SHIB to designated burn addresses. Predominantly, two transactions removed a combined 12.51 million SHIB from the market. Since 2021, approximately 410.75 trillion SHIB have been incinerated, leaving 584.53 trillion circulating.
While aggressive coin burns are ongoing, the price decrease suggests that merely constricting supply isn’t enough to stabilize the market in the short term. Experts argue that factors such as trading volume and general market mood significantly impact investor interest. Although supply reduction may benefit SHIB prices eventually, current pressures maintain the coin’s value at $0.00001124.
How is the Community Addressing Fake SHIB?
Lucie, Shiba Inu’s marketing officer, issued a warning through social media, alerting the community to the threat of “fake SHIB coin” scams. She stressed,
“the only real SHIB coin was born on Ethereum,”
urging investors to avoid similar-sounding coins on alternative networks. Her advice includes blocking deceptive content and steering clear of fraudulent offers.
This caution comes as social media buzz around the giant coin burn grows, elevating the risk of scams targeting investors. The project team routinely emphasizes the importance of engaging through verified channels and addresses to maintain the community’s trust and deter misinformation.
Key insights include:
- Nearly 13 million SHIB burned in a dramatic single-day event.
- Despite significant burns, SHIB prices saw a decline.
- Community vigilance against counterfeit coin threats.
- 410.75 trillion SHIB burned since 2021.
- Current circulating supply stands at 584.53 trillion SHIB.
The Shiba Inu team and community continue their efforts to maintain market integrity and combat scams. Through ongoing engagement and strategic coin burns, they aim to stabilize the SHIB market and navigate the unpredictable tides of the cryptocurrency landscape.
