Shiba Inu Burn Rate Skyrockets; 657 mn SHIB Vanish
Dog-themed cryptocurrency Shiba Inu has experienced a 64,201% surge in burn rate, with 657 million SHIB tokens permanently removed from circulation.
The total 657 million SHIB burned accounts for a slight portion of the token’s total supply, initially a quadrillion.
The burn rate increase might be one of the largest in recent weeks. However it had no impact on the price of SHIB as it was down 5.84% in the last 24 hours mirroring the broader crypto market crash.
Shiba Inu-focused X handle issued a critical alert to the Shiba Inu community on many fake groups impersonating legitimate channels on Telegram.
Shiba Inu holders are advised to verify official channels, avoid suspicious links, and never post personal wallet addresses in public chat rooms.
(With inputs from Shikha Singh)
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