According to U.Today, the Shiba Inu team has issued a warning to its community regarding a significant SHIB burn that occurred recently. The affiliated X account @susbarium highlighted that approximately $100,000 worth of SHIB, equivalent to 5,612,878,479 SHIB, was burned in the past 24 hours, as reported by Shibburn. This burn represents a 252,910% increase and could be a tactic to attract attention, the tweet suggested.
The tweet cautioned the SHIB community to remain vigilant despite the large amount of SHIB destroyed. It mentioned that some projects might burn substantial amounts of SHIB to draw in the SHIB army with presales or low-quality tokens. The warning emphasized that this is not an isolated incident and is likely to happen again.
The tweet also provided several tips for SHIB holders and other cryptocurrency investors on how to evaluate crypto projects. The first tip is to assess a project's goals beyond the SHIB burns, including checking the team's background, their published roadmap, and the real utility of their token. The second tip is to review the token allocation and the team's holdings, as a high percentage allocated to the team or insiders could be a red flag.
Additionally, the tweet advised understanding the tokenomics and examining the promotion methods used by the team. It is crucial to look into the token supply, its liquidity, and the token's structure. The tweet also noted that influencers and large accounts rarely promote projects for free, implying that paid promotions could be a factor to consider when evaluating a project's legitimacy.
