The Shiba Inu burn rate has surged nearly 253,000% today, attracting the attention of investors. Notably, this significant increase occurred after billions of tokens were destroyed in the past 24 hours, suggesting that SHIB's price may rise. However, despite the positive momentum, a top expert from the Shiba Inu community issued an important warning to traders, sparking widespread discussion in the market.
Shiba Inu's burn rate surges in critical warning
According to recent Shibburn data, the Shiba Inu burn rate surged by 252,910% in the past 24 hours, destroying over 5.61 billion tokens. This massive surge has sparked discussions about its potential impact on SHIB's price, as a rising burn rate typically signals a potential price increase.
In context, token burns reduce market supply, thereby increasing the token's value. Notably, SHIB, as one of the leading meme coins, has recently attracted investor attention, especially as SHIB's burn rate experienced a staggering monthly surge in October. According to Shibburn data, a total of 6.13 billion SHIB tokens were burned in October, representing a monthly increase of 157.90%.
Meanwhile, the highest amount of tokens destroyed in the past 24 hours came from wallet '0xbb3…9d8a1', which alone destroyed 5.58 billion tokens. Following this burn, a total of 410.73 trillion tokens have been removed from the initial supply, with the current circulating supply at 583.59 trillion tokens.
Warning
Despite the significant surge in Shiba Inu's burn rate, X handle Susbarium, focused on SHIB community safety, issued a stern warning. He cautioned against mass burning of SHIB, claiming that such actions are aimed at gaining attention, and advised the community to act cautiously and conduct thorough research before investing.
Susbarium outlined key tips for investors, including assessing project goals, reviewing token distribution, understanding tokenomics, and questioning promotional activities. However, he also clarified that this may not be a 'scam,' but investors should conduct due diligence before placing their bets.
Meanwhile, SHIB's chief developer Kaal Dhairya agreed with the warning, urging investors to remain calm and make informed decisions. This warning serves as a timely reminder for investors to stay vigilant and avoid becoming potential victims of scams amidst the SHIB frenzy.
Is SHIB's price about to drop?
The significant increase in Shiba Inu's burn rate has sparked optimism among investors, with many believing that the price of Shiba Inu could rise significantly in the coming days. However, the latest warnings and support from Kaal Dhairya have raised some speculation about whether this is a strategic move to attract investor attention.
At the time of writing, Shiba Inu's price has dropped over 6% to $0.00001733, with trading volume surging 41% to $492.44 million. At the same time, SHIB futures open interest has also fallen by 12% to $46.76 million, with the token's 24-hour high at $0.00001913.
However, despite this, recent Shiba Inu price analysis suggests a possible rebound to $0.000081. This has sparked optimism among investors, particularly as the market anticipates a potential rebound in the cryptocurrency market in the fourth quarter. Notably, the upcoming U.S. presidential election is also expected to boost market sentiment, which could, in turn, help digital assets surge alongside meme coins in the coming days.
