SHIB Burn Rate Surges 3,084% as Community Discards 25.7 Million Coins

SHIB's burn rate has increased by 3,084.6% in the past 24 hours, with 25,730,100 SHIB burnt. The total number of SHIB burnt has surpassed 410,748,011,819,921. A SHIB Discord admin has addressed the community, reminding them that Discord keeps records of all actions and false claims can be reported. The admin also clarified the rules for SHIB OG and Shibarmy Legend roles.

In the past 24 hours, the burn rate of SHIB (Shiba Inu) has surged by an unprecedented 3,084.6%, with a total of 25,730,100 SHIB tokens burnt. This significant increase brings the total number of SHIB tokens burnt to 410,748,011,819,921 [1].

The rapid burn rate has been accompanied by a warning from the developer Kal Dhaira, who highlighted that the distinctive SHIB symbol is not available on Solana or Base networks. Dhaira emphasized that any SHIB tokens appearing on these networks are likely to be fraudulent [1].

Adding to the concern, a member of the Shiba Inu Core team, identified as Lucy, addressed the community via a Twitter post, cautioning about the rise in fraudsters and imitators exploiting the SHIB brand. She urged the community to stay vigilant and not fall for scams [1].

In the market, the current trading price of SHIB is 0.00001255 dollars, representing a 2.6% increase over the last day, according to Coinmarketcap data. The SHIB token has crossed over the 20-day Exponential Moving Average (EMA), which often serves as a dynamic support level. The Relative Strength Index (RSI) stands at 52.85, indicating a growing buying momentum but not yet in the peak area [1].

The price is currently trading near the middle range of Bollinger Bands. If the positive momentum continues and SHIB maintains trading above the 20-day EMA, the upper range of the Bollinger Bands, currently at 0.00001298, could become a primary target. However, if the recent gains are not sustained and sell pressure increases, the EMA for 20 days (0.00001220) will act as crucial support [1].

A SHIB Discord admin has also addressed the community, reminding them that Discord records all actions and false claims can be reported. The admin clarified the rules for SHIB OG and Shibarmy Legend roles [2].

References:
[1] https://investorempires.com/shiba-inu-shib-burn-rate-skyrockets-825-amid-developers-warning-about-treat/
[2] https://discord.com/invite/shiba-inu