Shiba Inu Cryptocurrency Sees Massive Burn Rate Surge Amid Market Downturn

According to U.Today, Shiba Inu, a dog-themed cryptocurrency, has experienced a significant 64,201% increase in its burn rate, with 657 million SHIB tokens permanently removed from circulation. The Shibburn X account reported that these tokens were burned in eight transactions within the last 24 hours, amounting to $13,878. A single massive burn sent 650 million SHIB to dead addresses, contributing to the substantial increase in the amount burned. This burn coincided with a broader market downturn, often referred to as a 'crypto bloodbath,' where numerous digital assets have suffered significant losses. The massive SHIB burn is seen as a bold countermove, demonstrating the community's proactive approach to influencing the token's market dynamics. The total 657 million SHIB burned represents a small fraction of the token's total supply, initially a quadrillion. However, the increase in the burn rate might be one of the largest in recent weeks. At the time of writing, SHIB was down 5.84% in the last 24 hours to $0.0000227, reflecting the broader crypto market crash. According to on-chain data from IntoTheBlock, Shiba Inu is currently struggling to maintain a 51 trillion SHIB range, which lies between $0.000022 and $0.000025. If this range is successfully reclaimed, resistance might be encountered in the $0.000025 to $0.000030 range; if it is lost, support might be envisaged in the $0.000019 to $0.000022 area. In other news, the Shiba Inu-focused X handle 'Shibarmy scam alerts' has issued a critical alert to the Shiba Inu community about numerous fake groups posing as legitimate channels on Telegram. These fraudulent groups may try to trick users by offering exclusive content, giveaways, and investment opportunities, or by attempting to resolve transaction issues, among other things. Shiba Inu holders are advised to verify official channels, avoid suspicious links, and never post personal wallet addresses in public chat rooms. They are also advised not to rush to seek help, never panic, and always verify responses with reputable community members.