Whale Burns 263 Million SHIB as Weekly Burn Rate Skyrockets Over 300%

This week, a massive SHIB burn has shaken the meme coin community, as a single anonymous whale permanently removed over 263 million tokens from circulation. This major transfer significantly boosted the weekly SHIB burn rate, causing a sharp rise of more than 300 percent.

According to data from Shibburn, 327,103,078 SHIB tokens were burned over the past seven days. Most of this figure came from a single wallet, which sent 263,709,608 SHIB to a dead address two days ago. Shibburn marked the sender as an anonymous whale, but no further details were revealed.

Many burns took place both preceding and succeeding the significant transaction. Five days ago, 13,989,159 SHIB were torched, followed by another burn of 15,365,608 tokens two days ago.

Also Read: 300,000,000 XRP in Two Days? Disturbing Pattern Emerges in XRP On-Chain Metrics

Even with the increased burn activity, the latest movement demonstrates a steep downward trend. Total SHIB burned during the past day numbered 113,531, while the daily reduction reached 99.96 percent. Significant burn events affect the market, but community participation remains restricted.

Token burning continues to receive community support from SHIB holders since it serves as an extended plan to diminish the total supply and increase token rarity. Whales’ impact on metrics through their actions provides temporary spikes, but sustained engagement from the wider community ensures continued momentum.

SHIB Team Warns Community of Fake Tokens Amid Burn Hype

Amid rising burn excitement, the Shiba Inu team cautioned users on the X platform. The warning addressed the growing number of fake projects falsely claiming affiliation with the official SHIB ecosystem.

Reports indicate scammers produce fake tokens with titles that resemble SHIB, BONE, TREAT, and LEASH. Some deceptive assets trick investors into trusting their false association with the SHIB team through deception schemes.

Users must check all tokens through the official SHIB website instead of trusting unverified third parties with claims. Updates from the SHIB core team or developers are the only trustworthy official information sources.

Conclusion

This week, the SHIB burn rate experienced a dramatic jump, primarily driven by a single whale’s massive token burn. As excitement grows, the SHIB team continues to remind users to remain alert and cautious amid a wave of fake ecosystem tokens circulating in the market.

Also Read: BlackRock Defies Crypto Slump as Bitcoin ETF Rakes In Billions in Inflows

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