SHIB team warns users to avoid fake tokens and confirms that only one real SHIB exists on Ethereum
The Shiba Inu burn rate has experienced one of its most significant spikes in recent times, increasing by more than 12,800% in just 24 hours.
Over 13 million SHIB tokens were permanently removed from circulation, yet the price of the coin has gone the other way, falling slightly.
This sudden rise in token burning has created a mix of excitement and confusion among holders and traders.
It is worth noting that a recent jump in the Shiba Inu burn rate has once again pulled the project into the spotlight.
The overall burn total since the protocol launched now stands at more than 410 trillion SHIB.
Data from Shibburn shows that two large burn transactions account for the bulk of the total, featuring one for 5 million SHIB and another for over 7.5 million.
This led to a total of 13,090,171 tokens being sent to dead wallets in a single day.
It is worth noting that, despite the size of the burn, the market reaction was muted.
SHIB’s price dropped by nearly 3% over the same 24-hour period, slipping from $0.00001168 to $0.00001134.
More importantly, this has left many in the community unsure about what to expect next.
Some believe the supply cut should support the price, while others are starting to doubt whether burning alone can move the market.
Currently, the circulating supply of SHIB is just above 4.7 trillion, although some of it is locked up as xSHIB.
The total supply remains at over 584 trillion tokens.
Trading volume fell by 24%, showing that buyers are not rushing in just yet.
Although the Shiba Inu burn rate has increased, the price has not responded as many had hoped.
CoinMarketCap data shows that SHIB price was now trading at $0.00001153, up slightly by 2.1% from the previous day.
However, the bigger picture still shows a drop from the weekend high of $0.00001289.
The market capitalization stands at approximately $6.79 billion, and the 24-hour trading volume has declined again, currently at $74.62 million.
This shows that interest has slowed down. Some traders are holding off, waiting to see if the recent burn activity will have any real effect.
Others are watching for moves from bigger wallets, which could change the price direction.
It is essential to note that as the memecoin project gains more attention, the official Shiba Inu team is warning people to exercise caution.
A message from Lucie, a well-known member of the group and marketing lead, was shared online.
She reminded everyone that SHIB exists only on the Ethereum blockchain. Any tokens claiming to be SHIB from other sources are fake.
The warning comes at a time when the ecosystem is experiencing massive growth trends.
More than $4 million is currently locked in Shibarium’s DeFi platforms, a 14% increase in just one day.
The team is urging users to stay alert as the community continues to push for more SHIB burns.
Whether or not SHIB can reach $0.00002 soon remains to be seen.
For now, the focus stays on the Shiba Inu burn rate and how the market responds in the days ahead.
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