The Shiba Inu (SHIB) burn rate has skyrocketed by an astonishing 253,000% in the past 24 hours, capturing the attention of investors eager for price movements. This surge is largely attributed to a single wallet that has burned 5.61 billion SHIB tokens within the same timeframe. Despite the enthusiasm surrounding the token burning frenzy, an expert has issued significant warnings to investors, particularly as SHIB’s price experiences a dip.
Shiba Inu Burn Rate: Key Statistics
Recent data from Shibburn highlights that the Shiba Inu burn rate jumped 252,910% over the last day, with over 5.61 billion tokens incinerated. This considerable burn activity typically signals a potential price increase, as reducing the total supply can enhance the value of remaining tokens. SHIB, a leading meme coin, has garnered heightened interest, particularly after witnessing a monthly burn rate increase of 157.90% in October, with 6.13 billion SHIB tokens burned during the month.
The most significant contribution to the burn rate came from a single wallet, “0xbb3…9d8a1,” which was responsible for incinerating 5.58 billion tokens. Following these burns, approximately 410.73 trillion tokens have been removed from the initial supply, leaving a circulating supply of 583.59 trillion SHIB tokens.
Expert Warnings and Community Cautions
Despite the impressive surge in the burn rate, a prominent figure within the Shiba Inu community, known as Susbarium on X, has cautioned investors. Susbarium warned that the massive burn activity might be aimed at garnering attention rather than indicating genuine market interest. He advised the community to conduct thorough research before making investment decisions and outlined essential factors to consider, such as:
- Assessing project goals
- Reviewing token allocation
- Understanding tokenomics
- Scrutinizing promotional activities
While Susbarium does not categorize the situation as a “scam,” he emphasizes the importance of due diligence among investors.
In support of this caution, Kaal Dhairya, the lead developer of SHIB, urged the community to remain calm and make informed choices. This advisory serves as a critical reminder for investors to stay vigilant amidst the burning frenzy.
Market Response and SHIB Price Movement
Despite the optimism surrounding the Shiba Inu burn rate, SHIB’s price has retreated, dropping more than 6% to $0.00001733. During this period, trading volume surged by 41% to $492.44 million, indicating heightened market activity. SHIB’s futures open interest has also declined by 12%, settling at $46.76 million, with a 24-hour trading high of $0.00001913.
Interestingly, some price analyses suggest a potential rally for SHIB, with optimistic projections aiming for a rise to $0.000081. This forecast has generated enthusiasm among investors, particularly with expectations of a broader crypto market rally in the fourth quarter. Additionally, the upcoming U.S. Presidential election is anticipated to positively influence market sentiment, potentially benefiting both digital assets and meme coins like Shiba Inu.
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