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The Shiba Inu community has taken significant strides recently, with notable burns of SHIB tokens and a rising price trend that underscores market interest.
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In addition to this, the burn rate has seen a remarkable spike, highlighting community engagement and commitment to reducing supply.
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As mentioned by the Shibburn platform, the burn rate surged above 104%, indicating the robust efforts by the community to eliminate meme coin circulation.
Shiba Inu (SHIB) community shows strong commitment as burn rates exceed 104%, pushing price upwards and urging caution against scams amid new token launches.
Burn Rate Breaks Above 104% Line
The recent data from Shibburn indicates that the SHIB community has successfully burned 19,291,423 SHIB in just one day, contributing to a surge in the burn rate by over 104%. This effort to transfer tokens to unspendable wallets reflects the community’s dedication to enhancing the value of their holdings.
Furthermore, a deeper analysis reveals that the actual total of burned coins is slightly higher, totaling 26,221,803 SHIB. This remarkable increase was achieved through fewer than ten transactions, highlighting significant individual contributions, with the largest transactions accounting for 11,856,938, 8,910,223, 4,995,759, and 1,754,972 SHIB coins.
In the broader context, Shibburn’s statistics showcasing weekly SHIB burns reveal that the community has disposed of 86,633,313 SHIB over the past week. Despite this, the burn rate experienced a decline of nearly 16%, indicating a need for continued community engagement.
SHIB Price Soars 8.33%
In tandem with the substantial burn figures, Shiba Inu’s price has also displayed an impressive upswing, climbing by approximately 8.33% in a span of 24 hours. The price fluctuated from $0.00002108 to a peak of $0.00002280, showcasing the coin’s volatile yet optimistic market sentiment.
During this upward movement, SHIB created a significant green candlestick pattern on the hourly chart, contributing to a 4.31% gain within this timeframe alone. As of the latest updates, the price has seen a slight correction, trading at about $0.00002193.
Interestingly, this upward trajectory closely mirrored the fluctuations in Bitcoin’s value, which briefly surpassed $100,000, reinforcing the interconnected nature of the crypto markets.
Shytoshi Kusama Warns Community
This week, Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu, publicly cautioned the community about potential scams ensuing from the recent launch of the new ecosystem token, TREAT. This token launched on January 14 across several notable exchanges, including Kraken, MEXC, BitGet, and SuperEx.
Kusama’s warning emphasized the importance of vigilance as many fraudulent actors seek to exploit the excitement surrounding TREAT’s introduction. He advised community members to avoid falling victim to counterfeit TREAT tokens, explicitly stating: “Don’t get scammed.” This highlights an essential lesson in today’s crypto landscape about the need for investor awareness and due diligence.
Conclusion
The Shiba Inu community’s recent activities, marked by substantial token burns and a significant price increase, demonstrate a robust commitment to maintaining the cryptocurrency’s appeal. While the current market momentum appears favorable, community members must remain cautious about potential scams as new tokens emerge. The essence of a resilient crypto community lies not only in its success but also in its ability to safeguard its members.
