Burn Rate Soars 10,990% Amid Team's Warning
The Shibburn data platform reported an astounding 10,990% increase in Shiba Inu (SHIB) token burns over the past 24 hours. This surge involved 21,435,658 SHIB being sent to dead wallets, despite a 5% drop in SHIB’s price. The burns, conducted in two transactions, aim to reduce the overall supply and potentially boost the coin's market value.
Currently, 583 trillion SHIB are in circulation, with 410 trillion already burned, mostly by Ethereum's Vitalik Buterin three years ago.
Amid these developments, a SHIB team member, DaVinci, warned the community on Discord about scam tokens claiming to be part of the ShibaSwap DEX. He advised against investing in projects falsely claiming SHIB team support, especially the yet-to-be-launched TREAT token.
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