SHIB Burns Crash 55%, But Here's Surprising Price Move

According to the data revealed by Shibburn, over the past day, the burn rate of the prominent meme coin Shiba Inu has demonstrated a massive crash. However, the coin’s price reacted unexpectedly.

$SHIB price defies $SHIB burns

A tweet recently published by the aforementioned data source revealed that over the last day the $SHIB burn metric plunged by more than 55%. The amount of meme-inspired coins burned in the process totalled 9,380,103 $SHIB.

The largest single burn transfer amounted to 8,910,223 $SHIB coins. A day before, the largest burn transaction carried 18,973,108 $SHIB and 1,000,000 $SHIB to unspendable blockchain wallets.

As for the weekly burn rate, it is now showing a decline of almost 35% with 67,808,766 $SHIB burned all-in-all, according to the tweet.

As reported by U.Today recently, some members of the $SHIB community began to demand that the $SHIB team should accelerate this process and begin locking much bigger amounts of $SHIB in dead-end wallets. They believe that burning from 35% to 90% of the circulating supply would propel the $SHIB price up significantly, perhaps even allowing the meme coin to reach $1. An X poll was set up to vote on this issue.

Currently, the circulating supply constitutes 584,209,136,211,127 $SHIB. However, the $SHIB team has multiple times responded that the only way to increase the amount of destroyed meme coins is to increase Shibarium utility heavily.

Meanwhile, the $SHIB price has demonstrated an 8.2% surge over the past 24 hours but went down a little earlier today.

Shytoshi Kusama issues crucial scam warning

The mysterious leader of the $SHIB developer team Shytoshi Kusama has published a tweet to warn the Shiba Inu community against possible scams that are likely to go at them now that the TREAT token has been finally launched.

Shytoshi commented on a tweet issued by the @susbarium account associated with the $SHIB team which usually warns $SHIB enthusiasts and investors against various scam attempts. This time, on February 14, it announced the much-anticipated launch of the new token TREAT on various centralized exchanges.

TREAT will play an important role in the $SHIB ecosystem, including rewards on the Shibarium dex and governance and voting on various decisions. Shytoshi Kusama warned that many fraudsters are now likely to begin luring people into purchasing fake TREAT tokens. “Don’t get scammed,” he tweeted, addressing the community.