As a seasoned researcher with years of experience in the cryptocurrency market, I’ve seen my fair share of bullish and bearish trends. The recent skyrocketing Shiba Inu burn rate is undeniably intriguing, but as Susbarium rightly points out, it’s crucial to look beyond the initial excitement.
The rate at which Shiba Inu tokens are being destroyed (or “burned”) increased an astonishing 252,910% due to a single transaction that destroyed $100,000 worth of SHIB tokens. This significant rise often suggests a positive trend for the price of Shiba Inu, but it’s important for investors to heed Susbarium’s warning about potential scams associated with such token burns.
Shiba Inu Burn Rate Skyrockets, But It Might Not Be Good
According to recent data from Shibburn, the rate at which SHIB tokens were destroyed jumped an astounding 2529 times over the past day, with a total of 5.6 billion SHIB being incinerated. The majority of these tokens – approximately 5.5 billion – were burned in a single transaction. This massive burn suggests optimism for the price of Shiba Inu, as the value of this meme coin is expected to rise as more coins are destroyed, making each remaining token more valuable.
In a recent post on X, Susbarium advised SHIB investors to exercise caution regarding the burn transaction. The platform stated that some projects often employ large burns as a strategy to attract Shiba Inu community members through presales or subpar tokens. The platform further explained that this isn’t an unprecedented occurrence and it is likely to happen again in the future.
As a researcher, I would advise fellow Shiba Inu community members to be vigilant when considering new projects. To avoid potential scams, it’s crucial to examine all aspects thoroughly. The ‘DYOR’ tips from our scam detector suggest delving deeper than just the burn transaction. Investigate the team’s background, their proposed roadmap, and whether the token offers a genuine utility.
In the second point, Susbarium emphasized the importance for Shiba Inu investors to examine the distribution of tokens, including how much is held by the team or insiders. A large portion allocated to the team or insiders may indicate potential issues. Additionally, it’s suggested that investors consider the token’s supply, liquidity, and overall structure. Projects with a well-balanced setup are often considered more secure.
In summary, Susbarium advised Shiba Inu investors to scrutinize promotional activities. The platform highlighted that it’s unusual for influential figures or large accounts to promote without compensation. Therefore, investors should exercise caution when they observe influencers enthusiastically endorsing a specific project and thoroughly investigate the details prior to investing.
Team Members React To The Token Burn
Shiba Inu’s Marketing Lead, Lucie, also reacted to the $100,000 worth of SHIB tokens that were burnt and seemed surprised, considering that it isn’t a figure that is recorded daily. She also seemed to support Susbarium’s warning, reposting the post in which the scam detector platform had warned investors about such burns.
In response to Susbarium’s post, Kaal Dhairya, the developer behind Shiba Inu, expressed his approval by stating, “I appreciate this account,” demonstrating his backing of the cautionary advice given to SHIB investors. Notably, Susbarium had earlier cautioned the community about potential scammers peddling false ‘TREAT’ tokens. It is essential to note that as of yet, there has been no official token released by the Shiba Inu team in this regard.
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2024-11-01 18:41