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Data shared by the popular blockchain tracker Shibburn indicates that, this week, an enormous amount of SHIB meme coins have 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 up 300%.
Burn rate jumps high with 327.1 million SHIB torched
The aforementioned data source shows that, over the past seven days, the joint 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 up 300.7%.
The majority of these SHIB coins was burned in a single transfer two days ago when a whopping 263,709,608 SHIB were 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 an affiliation with SHIB.
The SHIB team reminded the community that they should stay vigilant 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 emphasizes, are the SHIB team’s official channels, as well as social media posts published by SHIB developers or the SHIB core team.
Vladislav Sopov
Dan Burgin