The Shiba Inu burn rate surged nearly 253,000% today, catching the investors’ attention. Notably, the notable jump comes as billions of tokens were burnt in the last 24 hours, indicating a potential rally in the SHIB price. However, despite the positive momentum, a top expert in the Shiba Inu community has issued a crucial warning for traders, which has sparked widespread discussions in the market.
Shiba Inu Burn Rate Rockets Amid Crucial Warning
According to recent Shibburn data, the Shiba Inu burn rate skyrocketed 252,910% over the last 24 hours, with more than 5.61 billion tokens burning. This massive surge has fueled discussions over its potential impact on SHIB price, as soaring burns usually indicate a potential price rally.
For context, the burning of tokens decreases the supply from the market, which in turn increases the value of the tokens. Notably, SHIB, being one of the leading meme coin, was on the investors’ radar lately, especially with an impressive monthly SHIB burn rate surge in October. According to Shibburn, a total of 6.13 billion SHIB tokens were burnt in October, which implies a monthly jump of 157.90%.
Meanwhile, the highest burn in the last 24 hours was conducted by the wallet “0xbb3…9d8a1”, alone burning 5.58 billion tokens. Following this burning spree, a total of 410.73 trillion tokens were removed from the initial supply, and the current circulating supply stood at 583.59 trillion.
The Warning
Despite the massive spike in Shiba Inu burn rate, Susbarium, an X handle focused on the security aspects of the SHIB community, issued a stark warning. Cautioning against the massive SHIB burns, which Susbarium claimed to be aimed at attracting attention, he advised the community to exercise caution and conduct thorough research before investing.
Susbarium outlined key tips for investors, including assessing project goals, reviewing token allocation, understanding tokenomics, and questioning promotions. However, he also clarified that it might not be a “scam” but the investors should exercise due diligence before putting their bets.
Meanwhile, SHIB lead developer, Kaal Dhairya, endorsed the warning, urging investors to stay calm and make informed decisions. The warning serves as a timely reminder for investors to remain vigilant and avoid falling prey to potential scams amidst the SHIB burning frenzy.
SHIB Price Dip Ahead?
The significant jump in the Shiba Inu burn rate has sparked optimism among investors, with many eyeing a potential SHIB price surge in the coming days. However, the latest warning and the endorsement from Kaal Dhairya have fueled some speculations about whether it is a strategic move to gain investors’ attention.
Meanwhile, Shiba Inu price today was down more than 6% to $0.00001733 during writing, with its trading volume soaring 41% to $492.44 million. Simultaneously, SHIB Futures Open Interest was also down 12% to $46.76 million, and the token saw a 24-hour high of $0.00001913.
However, despite this, a recent Shiba Inu price analysis hints at a potential rally to $0.000081. This has sparked optimism among investors, especially as the market anticipates a potential fourth-quarter rally for the crypto market. Notably, the upcoming US Presidential election is also expected to boost market sentiment, which in turn could aid the digital assets to surge in the coming days along with the meme coins.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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