SHIB Burns Surge: Two Whales Transformed the Shiba Inu Market

Join us on :

The Shibburn wallet tracker, favored by the Shiba Inu community, reports a significant increase in SHIB burn transactions since Sunday morning. According to Shibburn, two anonymous SHIB whales are responsible for this surge, transferring 10,359,000 SHIB meme coins to unspendable blockchain wallets between 13 and 16 hours ago. The total burn rate has increased by over 545%.

Details Of Burn Transactions

The burns involved four transactions by two anonymous wallets. The first wallet, ending in -205b5, burned two large amounts of SHIB: 4,559,000 and 3,000,000 coins. Meanwhile, the second wallet, ending in -eaa40, destroyed two identical chunks of 1,400,000 SHIB each.

_{Source: Shibburn}

After a sharp drop of about 10% last Thursday, Shiba Inu, the second-largest meme coin, has recovered half of its losses. The recovery included three breakout attempts, with the third reaching the $0.000001846 level before the market pushed it down by 3.9%. Currently, SHIB trades at $0.00001771.

Shytoshi Kusama Addresses Crypto.com Error

Shytoshi Kusama, the enigmatic lead developer of the Shiba Inu team, addressed a recent issue involving Crypto.com. A post from the “Shibarmy Scam Alerts” account warned that an article on Crypto.com contained a link leading to a site not related to SHIB or its layer-2 blockchain, Shibarium. The article discussed the TREAT token, but the link appeared to be a scam.

Kusama confirmed the warning, emphasizing that the TREAT token is still under development and has not been launched. He reminded the SHIB community to be vigilant and conduct their own research (DYOR).

Correct. Sadly @cryptocom wrote about our TREAT token that is not yet launched, assuming incorrectly that it was.

Proceed with caution with this other Treat token (and many other spoofs that will inevitably be created to scam you). #DYOR https://t.co/bkSZVbSfOu
— Shytoshi Kusama™ (@ShytoshiKusama) July 21, 2024

Earlier this year, the SHIB team issued several warnings about fraudulent TREAT tokens, urging caution and thorough research. Kusama advised the SHIB army to proceed with caution regarding any information about the TREAT token until its official release.