The Shiba Inu community is warned about a massive SHIB burn🔥🔥
AI Summary
According to U.Today, the Shiba Inu team has issued a warning to its community about a significant burn of SHIB that recently occurred. The affiliated X account @susbarium highlighted that approximately $100,000 in SHIB, equivalent to 5,612,878,479 SHIB, was burned in the last 24 hours, as reported by Shibburn. This burn represents an increase of 252,910% and could be a tactic to attract attention, the tweet suggested.
The tweet warned the SHIB community to stay alert despite the large amount of SHIB burned. It mentioned that some projects might burn substantial amounts of SHIB to attract 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 cryptocurrency projects. The first tip is to assess a project's objectives beyond SHIB burns, which includes 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 promotional methods used by the team. It is essential to analyze the token supply, its liquidity, and their structure. The tweet also pointed out that influencers and major accounts rarely promote projects for free, implying that paid promotions could be a factor to consider when evaluating a project's legitimacy.