327,003,078 SHIB Torched As SHIB Burn Rate Jumps 300%

Data shared by the popular blockchain tracker Shibburn indicates that this week, an enormous amount of $SHIB meme coins has left circulation and ended up locked in dead wallets.

Over the past week, the $SHIB community has managed to dispose of an impressive amount of Shiba Inu, pushing the burn rate 300% up.

Burn rate jumps high with 327.1 million $SHIB torched

The aforementioned data source shows that over the past seven days, the joined efforts of the $SHIB army and Shiba Inu developer team have resulted in a total burn of 327,103,078 meme coins. This propelled the burn rate 300.7% up.

The majority of these $SHIB coins was burned in a single transfer two days ago when a whopping 263,709,608 $SHIB was transferred to an unspendable wallet by a whale tagged by Shibburn as anonymous.

Following that massive burn transfer in size, there were also transactions carrying 15,365,608 $SHIB and 13,989,159 $SHIB out of circulation two and five days ago, respectively.

As for the daily burn rate, this metric at the moment is deep in the red zone with a 99.96% decline. Over the past 24 hours, only 113,531 $SHIB have been burned so far.

Important warning made by $SHIB team

On Thursday, the Shiba Inu team took to the X social media network to warn the $SHIB community against falling for fake scam projects pretending to be linked to the $SHIB team and against buying fake $SHIB ecosystem tokens.

The X post informed the community that scammers are trying to exploit the Shiba Inu ecosystem and to succeed in this, they launch unofficial tokens named like the real ones – $SHIB, BONE, TREAT, LEASH – and making claims to have affiliation with $SHIB.

The $SHIB team reminded the community that they should stay vigil and always verify any tokens before buying them through the $SHIB website. According to their warning post, scam projects also pretend to be part of the $SHIB ecosystem or even to be affiliated with Shiba Inu.

The only trusted sources of information, the post reminds, is the $SHIB team’s official channels, as well as social media posts published by $SHIB developers or the $SHIB core team.