In a recent update, Shiba Inu's investor and marketing lead, LucieSHIB, issued a cautionary note to the crypto community, emphasizing the importance of due diligence and safety in the volatile crypto space. This comes in the wake of several fraudulent activities, including a $6 billion Bitcoin scam that led to a six-year prison sentence for a British-Chinese woman.
In related news, the burn rate of SHIB tokens has seen a significant drop of almost 100% today, as per data from Shibburn. The burning mechanism, a strategy implemented by the Shiba Inu team, was designed to reduce the cryptocurrency's massive initial supply. The decrease in the burn rate is likely linked to the recent lack of volatility in the market. Despite the inherent risks, the crypto market continues to evolve, offering potential opportunities for vigilant investors.