Shiba Inu Sets Fire to Over Half Billion SHIB, Weekly Burn Rate Up 961%

According to Shibburn, the Shiba Inu weekly burn rate is up 961.53%, as over half a billion SHIB were burned in this period.

In the past seven days, a total of 527,485,988 SHIB tokens were burned in 44 transactions. This amounted to $4430.88 in monetary terms.

The week before saw a paltry 49,691,122 SHIB tokens burned, the lowest in months. The daily SHIB burn rate is also seeing a 644.86% spike, with a total of 20,515,829 SHIB tokens burned in nine transactions in the last 24 hours.

Shiba Inu burns are on the rise as optimism grows in the Shiba Inu ecosystem.

Shibarium has reached a new high of 7.4 million daily transactions. The Shiba Inu Layer 2 protocol had 5.1 million daily transactions the day prior, signifying a 500-fold increase from an average of 10,000 daily transactions.

Following the massive surge in transactions, Shibarium reached the 20 million total transactions milestone, hitting 20,493,282 at press time, according to Shibariumscan.

Shiba Inu community gets warning

Shibarmy Scam Alerts, an X account dedicated to protecting the Shiba Inu community and uncovering scams, has issued a critical warning to the Shiba Inu community. It states that certain links on CoinMarketCap are redirecting unsuspecting users to fraudulent Discord servers, where they are prompted to connect their wallets for purported verification before gaining access to the server.

Users are cautioned to be vigilant because this method allows unauthorized access to wallets, potentially exposing them to a loss of funds.

Shiba Inu users are encouraged to verify the legitimacy of Discord servers by researching projects from numerous sources and ensuring consistent information. They should also be cautious, double-checking URLs before clicking on any links, and refrain from connecting their wallets without first completing comprehensive verification.