SHIB Price Defies SHIB Burns as the Coin Demonstrates an 8.2% Surge Over the Past 24 Hours

According to the data revealed by Shibburn, over the past day, the burn rate of the prominent meme coin Shiba Inu has demonstrated a massive crash. However, the coin's price reacted unexpectedly.

A recent data snapshot from Shibburn indicates a drastic decline in the Shiba Inu burn rate. Despite this, the coin's price has shown an unexpected response.

SHIB price contradicts SHIB burns

A recent tweet from the data aggregator highlighted a more than 55% plunge in the SHIB burn metric over the past day. In total, 9,380,103 SHIB were burned during this time.

The largest single burn transaction carried 8,910,223 SHIB coins. Notably, a day prior, the largest burn transaction carried 18,973,108 SHIB and 1,000,000 SHIB to unspendable blockchain wallets.

As for the weekly burn rate, it now shows a decline of almost 35%, with 67,808,766 SHIB burned in all, according to the tweet.

HOURLY SHIB UPDATE

$SHIB Price: $0.00002145 (1hr -0.22% ▼ | 24hr 24hr 0.91% ▲ )

Market Cap: $12,638,978,638 (1.00% ▲)

Total Supply: 589,256,919,308,728

TOKENS BURNTPast 24Hrs: 9,380,103 (-55.47% ▼)

Past 7 Days: 67,808,766 (-34.97% ▼)

Recently, as reported by U.Today, some members of the SHIB community began demanding that the SHIB team accelerate this process and begin locking much bigger amounts of SHIB in dead-end wallets. They believe that burning from 35% to 90% of the circulating supply would propel the SHIB price up significantly, perhaps even allowing the meme coin to reach $1. An X poll was set up to vote on this issue.

Currently, the circulating supply constitutes 584,209,136,211,127 SHIB. However, the SHIB team has, multiple times, responded that the only way to increase the amount of destroyed meme coins is to increase Shibarium utility heavily.

Meanwhile, the SHIB price has demonstrated an 8.2% surge over the past 24 hours but went down a little earlier today.

Shytoshi Kusama issues crucial scam warning

The mysterious leader of the SHIB developer team, Shytoshi Kusama, has taken to Twitter to warn the Shiba Inu community against possible scams that are likely to come at them now that the TREAT token has finally been launched.

Shytoshi commented on a tweet issued by the @susbarium account, which is usually used by the SHIB team to warn SHIB enthusiasts and investors against various scam attempts. This time, on Jan. 14, it announced the much-anticipated launch of the new token TREAT on various centralized exchanges.

Don't get scammed! https://t.co/muHfJRlOJN

TREAT will play an important role in the SHIB ecosystem, including rewards on the Shibarium DEX and governance and voting on various decisions. Shytoshi Kusama warned that many fraudsters are now likely to begin luring people into purchasing fake TREAT tokens. “Don’t get scammed,” he tweeted, addressing the community.