TL;DR
- Over 327 million SHIB were removed from circulation this week, with a single transfer burning 263.7 million tokens.
- The weekly burn rate skyrocketed by 300%, although activity dropped almost entirely in the last 24 hours.
- The development team warned about fake tokens and reminded users to verify any purchase exclusively through official channels.
The SHIB token burn drew market attention again this week after more than 327 million units were taken out of circulation.
Astronomical Rise in Weekly Burn
This led to a 300% increase in the weekly burn rate, according to data from Shibburn, a platform that tracks these operations. Most of the volume came from a single transaction that sent 263.7 million tokens to an inaccessible address. The burn was carried out by a whale whose identity remains unknown.
Two other transactions also helped reduce the circulating supply. One transferred 15.3 million tokens, while the other removed around 14 million. However, despite the overall impact, daily burn activity dropped sharply in the last 24 hours. Only 113,500 SHIB were eliminated during that period, representing a nearly 100% decline compared to the previous average.
Always Verify the Legitimacy of Announcements
The team issued a warning on X, directed at its community members. The post highlighted the growing number of fraudulent projects attempting to impersonate official ecosystem tokens. These illegitimate schemes often release fake versions of assets like SHIB, BONE, TREAT, and LEASH, pretending to be part of the original structure.
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The official statement stressed the importance of always verifying a token’s legitimacy before making a purchase. To do so, they recommended using only recognized channels and official website. They also reminded users that the only valid sources for updates or new launches are the development team’s official accounts and their social media posts.
Shiba Slightly Down
The volume of burned tokens and the repeated scam attempts reflect the level of activity within the Shiba Inu ecosystem. At the time of writing, the token is priced at $0.00001356 per unit, marking a slight drop of 0.9% compared to the previous day
