The SHIB community was recently warned by one of its social media admins, @DavinciShib, about potential scams on the decentralized Shibarium network. Davinci advised against blindly investing in new projects that may join Shibarium, highlighting the importance of thorough research before jumping on board. He also criticized Solana as a network filled with scam projects, citing it as an example of how scams are a common occurrence in the crypto industry.
In a positive development for SHIB, the burn rate of Shiba Inu spiked by over 515% in the last 24 hours, thanks to burns conducted by the SHIB community. A total of 72,847,617 SHIB coins were burned, with the majority being sent to an unspendable wallet. This significant increase in burns reflects the community’s efforts to reduce the supply of SHIB tokens and increase their scarcity, potentially driving up their value in the market.
Following a pattern seen across the cryptocurrency market, SHIB has been mirroring the price trajectory of Bitcoin in recent days. While Bitcoin experienced a minor recovery after bottoming out at $94,500 and reaching $102,500, SHIB also saw an increase from $0.00002435 to $0.00002818. This 15.74% price surge indicates that SHIB has been moving in tandem with the broader market, showing resilience and potential for growth.
As the SHIB community continues to navigate the volatile and rapidly changing crypto landscape, it’s essential to remain vigilant against potential scams and conduct thorough research before investing in new projects. The recent surge in SHIB burns demonstrates the community’s commitment to reducing token supply and increasing scarcity, which could have a positive impact on the value of SHIB tokens in the long run. By following the market trends and staying informed about developments within the SHIB ecosystem, investors can make informed decisions and potentially benefit from the growth of the second largest meme cryptocurrency.
