Shiba Inu admin warns against scams targeting Shibarium users, emphasizing thorough research before engaging with new projects.
SHIB burn rate surges 515% within 24 hours as millions of tokens are sent to dead wallets by the community.
Shiba Inu’s price reflects Bitcoin’s trajectory, surging by over 15% as the crypto market regains momentum.
A prominent Shiba Inu admin, known as @DavinciShib on X, has cautioned the community against potential scams on the decentralized Shibarium network. The admin highlighted the risks associated with blindly investing in new projects that may emerge on the platform. As Shibarium grows, more developers and projects are joining, but not all may be trustworthy.
https://twitter.com/DavinciShib/status/1867583085782458637
Davinci emphasized the need for extensive research before participating in any new ventures, urging the SHIB army to avoid hasty decisions. He stated that while Shibarium is expanding, scam projects might inevitably exploit its popularity, a pattern observed across major networks.
Comparison to Solana Network
Drawing attention to industry trends, Davinci compared Shibarium’s situation to that of the Solana blockchain, often referred to as the “Ethereum killer.” He pointed out that despite its rapid growth, Solana has been plagued by fraudulent activities. He stated, “The bigger the network, the more trash projects emerge.” This serves as a reminder to Shiba Inu investors to remain vigilant as Shibarium evolves.
Meanwhile, the Shiba Inu ecosystem has seen a significant rise in its burn rate. The SHIB burn tracker reported a 515% surge within the last 24 hours. This sharp increase comes as the community collectively destroyed 72,847,617 SHIB tokens, rendering them unspendable.
Notably, one transaction alone accounted for the burn of 70,605,175 SHIB tokens, while a secondary transfer involved 1,724,757 SHIB. These burns reflect the community's commitment to reducing the circulating supply and enhancing SHIB's long-term value.
Price Reflects Market Trends
In line with the broader cryptocurrency market, SHIB's price has mirrored Bitcoin's performance in recent days. Bitcoin rebounded from $94,500 to $102,500 earlier this week but has since been trading within a narrow range.
Shiba Inu, following this trend, has climbed from $0.00002435 to $0.00002818, marking a 15.74% increase. This growth underscores the correlation between SHIB and Bitcoin's movements, further solidifying SHIB's position in the crypto market.
As the Shibarium ecosystem expands, the SHIB team’s warnings are timely. The decentralized platform's growth presents new opportunities but also potential risks. By remaining cautious and conducting thorough research, the community can navigate the evolving landscape securely.
