SHIB Burns Collapse, While Shiba Inu Plunges 4.6%

Data provided by the Shibburn platform, which tracks transactions targeted at reducing the circulating supply of Shiba Inu, shows a gigantic plunge in the SHIB burn rate that has been observed since yesterday morning.

This coincided with a substantial plummeting of the SHIB burn rate in the same time frame. The token plummeted by almost 5%. Since Monday, the price decline constitutes 7.62%. However, earlier today, SHIB managed to pare its losses slightly, rising by 2%.

SHIB burns in red abyss

The burn tracker shows that over the past 24 hours, the rate at which Shiba Inu coins are being kicked out of circulation has crashed by 89.7% compared to yesterday.

So far, roughly half a million meme coins have been transferred to unspendable blockchain wallets in a single transfer, i.e., burned, while on Monday a roughly five million SHIB lump was torched, according to the same source.

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SHIB exec explains why market is down

Shiba Inu marketing lead famous under the pseudonym Lucie published two posts today, addressing the issue of the crypto market plummeting and issuing a warning to the SHIB community.

Lucie believes that the cryptocurrency market has gone down mainly because of the uncertainty caused by worsening developments in the Middle East and the approaching main political event in the U.S. this November, the presidential election.

Lucie also complained of “the lack of integrity,” saying that it is “both sad and frustrating.” The Shiba Inu executive warned the SHIB army to stay safe and not to trust anyone “blindly.” She pointed out that many new coins that come out of the blue get roughly a one month-promotion before “two-week rug pulls” follow, and then this cycle repeats again and again.

As soon as the SHIB army stops paying attention to these people, SHIB adoption will start growing rapidly, she believes. She also warned the community, saying that “scammers often support and hype each other, making it hard to see the truth. It’s not always black and white.”

Lucie advised the SHIB army to keep their minds sharp against scammers and fraudsters in the cryptocurrency space.