As a seasoned researcher with years of experience in the cryptocurrency market, I find myself constantly reminding others to tread carefully in this wild and unpredictable landscape. The recent $100,000 SHIB burn may have caught many by surprise, but as Susbarium’s tweet rightly points out, we mustn’t be swayed by quick attention plays.
The account @susbarium, linked with the Shiba Inu group, recently issued a cautionary notice for the community, highlighting a substantial SHIB burn event that transpired within the last 24 hours. Approximately 5,612,878,479 SHIB were burned, as reported by Shibburn.
Recent SHIB burn with 252,910% rise could be “quick attention play”
Today saw a monumental incineration of approximately $100,000 worth of Shiba Inu tokens. The group managing the account stressed the importance of remaining vigilant among the Shiba Inu community, even with such a large quantity of meme coins being destroyed.
As per a lengthy post on Twitter, certain initiatives might soon consume significant amounts of SHIB while they strive to achieve their objective: attracting the SHIB community with pre-sales or low-quality tokens. The message emphasizes that such occurrences are not unprecedented and will likely happen again in the future.
🚨 Caution: A token has just destroyed $100K worth of SHIB for potential visibility! 🚨
Keep in mind that today’s burning of Shiba Inu tokens, valued at approximately $100,000, may pique your interest. However, it’s essential to remain vigilant as some projects use large burns to lure the ShibArmy with pre-sales or low-quality tokens. This isn’t a new phenomenon, and…
— Susbarium | Shibarium Trustwatch (@susbarium) October 31, 2024
The large reduction of tokens might just be a “tactical move to attract attention,” the tweet suggests. However, it’s advised for SHIB holders to thoroughly examine any projects claiming to burn SHIB before investing and remember to do their own research (DYOR), which stands for ‘conduct your own investigation.’
DYOR tips from SHIB team
The tweet included some helpful suggestions applicable not just to SHIB users, but also to anyone holding cryptocurrencies on how to evaluate crypto ventures and decide if they are worth investing in.
To evaluate a project effectively, it’s crucial not only to observe the team’s Shiba Inu coin burns but also delve deeper into the team’s history, scrutinize their published roadmap, and determine if their token serves a practical purpose in the broader context.
The second point emphasizes the necessity of verifying the distribution of the team’s holdings and the tokens they control. This involves checking the proportion of the total supply that the team or its inner circle owns. If this ownership percentage appears large, it might serve as a warning sign, according to the tweet.
The subsequent steps provide guidance on examining the token’s economics and investigating the promotional strategies employed by the team. Pay close attention to the token supply, its liquidity, and the token’s composition. It is worth mentioning that, as suggested in a tweet, “influencers and large accounts seldom promote without charge.
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2024-11-01 12:44