Shiba Inu burns over half a billion SHIB, leading to a 961% weekly burn rate increase. The weekly burn rate for Shiba Inu has surged by 961.53%, with over half a billion SHIB burned during this period. In the past seven days, a total of 527,485,988 SHIB tokens were burned across 44 transactions, amounting to $4430.88 in cash. This marks the lowest burn level in months, with a decrease of 49,691,122 SHIB tokens and a rise of 644.86% in total burns, encompassing 20,515,829 SHIB tokens across nine transactions in the last 24 hours.
The burns of Shiba Inu are indicative of growing optimism within the Shiba Inu ecosystem. Shibarium has reached a new record of 7.4 million daily transactions, surpassing the previous day’s 5.1 million daily transactions on the Shiba Inu Layer 2 protocol by a staggering 500-fold increase from the average 10,000 daily transactions. Following the enormous surge in transactions, Shibarium has reached a total of 20 million transactions, standing at 20,493,282 at the time of publication, according to Shibarium’s residents.
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The Shiba Inu community has received a cautionary warning. X, an account dedicated to safeguarding the Shiba Inu community and uncovering fraudulent activities, has issued a stern warning for the community. It alerts users that some links on CoinMarketCap redirect reassured users to fraudulent Discord servers, where they are asked to connect their wallets for alleged verification before accessing the server. Users must be cautioned against this as it allows unauthorized access to their wallets, potentially exposing them to financial loss.
Users of Shiba Inu are encouraged to verify the legitimacy of Discord servers by researching projects from various sources and ensuring they obtain consistent information. They should also exercise caution, recheck URLs before clicking on any links, and refrain from linking their wallets without completing thorough verification.
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