- Over 671,000 SHIB tokens were burned despite Shibburn reporting a zero burn rate, showing consistent community effort.
- Price drops 12%: SHIB faces pressure from a broader crypto downturn, trading at $0.00001175 after a sharp weekly decline.
- The SHIB team warns of increased fraud as fake tokens and bot activity surge across social platforms like X.
According to recent data released by Shibburn, a prominent Shiba Inu (SHIB) tracking platform, the daily token burn rate for SHIB has dropped to zero over the last 24 hours. Despite this reading, token burns are still occurring, with the SHIB community continuing to remove coins from circulation through a series of small, decentralized transactions.
Source: shibburn
The report highlights that 671,832 SHIB tokens were sent to inaccessible wallets during the same period. Although these are relatively minor transfers, some involving just a few thousand SHIB, they demonstrate that community-led burning efforts remain active. The reduction in burn volume comes at a time when broader market conditions are impacting several altcoins, including SHIB.
Price Pressure Follows Broader Market Decline
The SHIB token is currently trading at $0.00001175 following a 12% decline over the past week. This price drop mirrors a broader pullback across the cryptocurrency market, which has seen downward pressure due to macroeconomic factors and declining investor sentiment.
Source: Yahoo Finance
The current value correction marks a challenging period for SHIB holders, as the token has faced multiple consecutive sessions of negative performance. Nonetheless, the token’s community-driven model appears to maintain traction, as holders continue efforts to reduce the circulating supply voluntarily.
SHIB Team Issues Anti-Scam Alert Amid Market Uncertainty
In the continuously volatile conditions, the marketing lead of Shiba Inu, Lucie, took to social media to publicly warn about an increased rate of scam activity against SHIB holders. She referred to the market conditions as brutal and warned the users of the market against fraudsters who take advantage of times of market stress to put across misleading token launches.
Lucie also pointed out that at abnormally high rates, new tokens are being created with recycled development teams under changed names. She encouraged the community to do its due diligence on all sources, especially those trying to connect with them through social media, such as X, which she mentioned has had a rise in rates of bots and scam advertisers.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
