- Daily burn rate increases 13,000% with 9.78M Shiba Inu tokens eliminated.
- Total circulating supply reduced to 589.24 trillion from quadrillion initial.
- Community warned about phishing scams and fake token sale announcements.
Shiba Inu has recorded a sharp increase in token burn activity over the past 24 hours. According to Shibburn data, 9,782,588 SHIB tokens were removed from circulation, pushing the daily burn rate up by 13,000%.
The accelerated burn activity contrasts with weekly metrics showing a 13.7% decline in the seven-day burn rate. Data indicates 55,434,495 SHIB were destroyed over the past week despite the recent daily spike.
Current circulating supply stands at 589,247,537,900,558 SHIB following the burn activity. This represents a reduction from the initial supply of one quadrillion tokens launched at the project’s inception.
Price action shows weakness amid burns
SHIB traded at $0.00001205 at press time, declining in the past 24 hours despite increased burn activity. The token has dropped 3.41% over the weekly timeframe as markets experience profit-taking pressure.
The disconnect between burn rate acceleration and price performance suggests other factors currently influence SHIB’s market dynamics. Burn mechanisms reduce circulating supply but do not guarantee immediate price impacts.
Shiba Inu developer Kaal Dhairya recently shared warnings from Zama CEO Dr. Rand Hindi regarding fraudulent activity. Hindi addressed rumors about Zama holding a private token sale for OG NFT holders.
The Zama founder confirmed these claims as false information spread by malicious actors. The company will conduct only one public sale round for the community rather than private offerings.
Phishing attempts target SHIB holders
Community members face ongoing threats from phishing scams attempting to steal assets. Recent fraudulent activity involved fake Shiba Inu token airdrops directing recipients to counterfeit websites.
Scammers sent messages urging users to visit unofficial sites to claim rewards. These phishing attempts aim to compromise wallet security and steal digital assets from unsuspecting holders.
The community received warnings against connecting wallets to any sites not officially associated with the Shiba Inu ecosystem. Such connections can result in stolen assets or compromised security credentials.
Users are advised to verify all information through official Shiba Inu channels before taking action on airdrop claims or token sale announcements. The prevalence of scams requires careful authentication of communications claiming to represent the project.
The burn rate spike provides a talking point for the community despite current price weakness. Token destruction mechanisms continue operating as part of the project’s long-term supply reduction strategy.
Source: https://thenewscrypto.com/shiba-inu-eliminates-9-78m-shib-as-daily-burn-rate-jumps-13000/
