Shiba Inu Burn Rate Rockets 252,910% Amid Crucial Warning from: NullTX

The Shiba Inu burn rate surged nearly 253,000% today, catching the investors' attention. Notably, the notable jump comes as billions of tokens were burnt

Shiba Inu (SHIB) burn rate surged nearly 253,000% in the last 24 hours, sparking discussions in the market.

As investors closely monitor the SHIB price, keeping an eye on the burn rate is crucial. Higher burn rates usually indicate a potential rally in the SHIB price, as the burning of tokens decreases the supply from the market, thereby increasing the value of the tokens.

Shiba Inu burn rate skyrocketed 252,910% over the last 24 hours, with more than 5.61 billion tokens burning. Notably, SHIB, being one of the leading meme coin, was on the investors’ radar lately, especially with an impressive monthly SHIB burn rate surge in October.

According to Shibburn, a total of 6.13 billion SHIB tokens were burnt in October, which implies a monthly jump of 157.90%. The highest burn in the last 24 hours was conducted by the wallet “0xbb3…9d8a1”, alone burning 5.58 billion tokens. Following this burning spree, a total of 410.73 trillion tokens were removed from the initial supply, and the current circulating supply stood at 583.59 trillion.

However, despite the positive momentum, a top expert in the Shiba Inu community has issued a crucial warning for traders, which has sparked widespread discussions in the market.

Susbarium, an X handle focused on the security aspects of the SHIB community, issued a stark warning. Cautioning against the massive SHIB burns, which Susbarium claimed to be aimed at attracting attention, he advised the community to exercise caution and conduct thorough research before investing.

"Suspicious burns like these are done to grab attention and try to get people to buy the top. Please be careful and do your own research before investing."

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