Shiba Inu Burn Rate Surges 104% as SHIB Price Jumps 8.33%
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Millions of SHIB Burned in Few Transactions
Shibburn reported that 19.2 million SHIB were initially burned, but its website later showed a higher total of 26,221,803 SHIB. The surge was achieved in fewer than 10 transactions, with the largest burns involving 11.85 million, 8.91 million, and 4.99 million SHIB.
On a weekly scale, the SHIB community has burned 86.6 million SHIB, though the burn rate has dropped by 16% compared to the previous week.
SHIB Price Rally and Market Movement
Alongside the increased burn activity, SHIB’s price surged by 8.33%, reaching a local high of $0.00002280. The price initially climbed from $0.00002108, forming a strong green candle on the hourly chart, before retracing 4% to its current value of $0.00002193.
This price movement mirrors Bitcoin’s recent rally, where the leading cryptocurrency briefly exceeded $100,000, influencing the meme coin market.
Shytoshi Kusama Issues Scam Warning
Shiba Inu’s lead developer, Shytoshi Kusama, has warned the community about scam threats following the launch of TREAT, a new Shiba Inu ecosystem token. Kusama urged SHIB holders to stay vigilant against fake TREAT tokens, which scammers are using to exploit investors.
As SHIB’s ecosystem continues to grow, both price action and security awareness remain crucial for its holders.