SHIB Burns Skyrocket 545% As Two Anon Whales Scorch Millions of Coins

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As a seasoned researcher with a deep-rooted interest in the cryptocurrency space and a particular fondness for the Shiba Inu community, I find the recent surge in SHIB burn transactions intriguing. The data shared by Shibburn is quite astonishing – an increase of over 545% within just a day, all attributed to two anonymous whales.

In simple terms, the Shibburn wallet tracker, which is widely used among Shiba Inu community members, has announced a significant surge in burn transactions since early Sunday morning.

The data source specified that those burns were performed by just two anonymous SHIB whales.

SHIB burns surge over 545%

As a crypto investor, I’ve come across some intriguing news from the Shibburn community. They’ve announced that a significant transfer of approximately 10.36 million SHIB meme coins has been made to unspendable wallets on the blockchain within the last fifteen hours.

As a crypto investor, I’ve observed that two anonymous wallets have executed a total of four transactions so far. The first wallet, whose address ends in -205b5, sent two portions of SHIB worth 4,559,000 and 3,000,000 tokens respectively, to an unknown recipient. The second wallet, with the ending -eaa40, made identical transfers of 1,400,000 SHIB each.

SHIB Burns Skyrocket 545% As Two Anon Whales Scorch Millions of Coins

Shiba Inu price performance

Last Thursday, the second largest meme coin, Shiba Inu, experienced a significant drop of approximately 10%. However, it has since recovered and regained about half of those losses. This recovery came after three unsuccessful attempts to surge higher. The third attempt saw Shib Inu reach a peak of $0.000001846 but was subsequently pushed down by the market, causing a decline of 3.90%.

At the time of this writing, SHIB is changing hands at $0.00001771.

Shytoshi Kusama clarifies Crypto.com error with TREAT

The mysterious head developer of the Shiba Inu project, who goes by the name Shytoshi Kusama in online circles, weighed in on the recent alert issued by the “Shibarmy Scam Alerts” account via his X platform.

In one of Crypto.com’s articles, which focused on the TREAT token, a commenter noted the presence of an unrelated SHIB or Shibarium link. The article in question may have been penned by deceitful individuals as it leads to a potentially fraudulent website.

Shytoshi Kusama agreed with the cautionary message. He emphasized to the worldwide SHIB community that the TREAT token remains under development and has yet to be released.

Regrettably, in a recent post, @cryptocom mistakenly referred to our as-yet-unreleased TREAT token. Be wary of this TREAT token, along with numerous other potential frauds, and exercise due diligence before engaging. #DoYourOwnResearch

— Shytoshi Kusama™ (@ShytoshiKusama) July 21, 2024

Based on my extensive experience in the cryptocurrency market and having closely followed the Shiba Inu (SHIB) project, I cannot stress enough the importance of heeding the warnings issued by the SHIB team earlier this year. As someone who has seen the volatile nature of this space firsthand, I strongly advise everyone to exercise caution and take responsibility for their own research – a practice commonly referred to within the crypto community as DYOR (do your own research). The potential risks in cryptocurrency trading can be significant, and it’s essential to make informed decisions based on thorough investigation and analysis.

Kusama recommended the SHIB army to “proceed with caution with this other Treat token.”

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2024-07-22 11:02