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Shiba Inu Cryptocurrency Burns 657 Million Tokens Amid Market Downturn, Community Warned Against Rising Telegram Scams

The Shiba Inu cryptocurrency has experienced a significant rise in its burn rate, soaring by 64,201% with a record 657 million SHIB tokens permanently removed from circulation in the last 24 hours, as per the Shibburn X account. This burn involved eight transactions totaling $13,878.

Notably, a single transaction accounted for the removal of approximately 650 million SHIB to dead addresses, highlighting the community’s active role in influencing market dynamics during a time when many other digital assets are facing steep declines in a period often described as a “crypto bloodbath.”

Despite this large volume of tokens being burned, the 657 million SHIB only represents a small fraction of the cryptocurrency’s initial one quadrillion token supply.

However, this recent activity marks one of the most significant burn rates observed in recent weeks.

At the time of reporting, the value of SHIB had dropped by 5.84% over the last day to $0.0000227, reflecting the broader downturn in the cryptocurrency market.

According to data from IntoTheBlock, Shiba Inu is struggling to maintain its position within a critical trading range of 51 trillion SHIB, valued between $0.000022 and $0.000025.

This range is crucial as it is supported by 57,520 addresses holding 51.27 trillion SHIB at an average purchase price of $0.000023.

If this range can be reclaimed, the next resistance could occur between $0.000025 and $0.000030, while a drop below might find support within the $0.000019 to $0.000022 range.

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Furthermore, the Shiba Inu community has been alerted to the rise of several fraudulent groups on Telegram.

These impostors mimic legitimate channels, offering deceptive incentives such as exclusive content, giveaways, and investment opportunities, or they may pose as helpers resolving transaction issues.

The Shibarmy scam alerts handle has issued a critical warning advising holders of SHIB to confirm the authenticity of any channel, avoid suspicious links, and refrain from sharing personal wallet information publicly.

Community members are encouraged to remain cautious, verify all communications, and avoid making hasty decisions based on unverified information.

This proactive stance is crucial to safeguarding against potential scams and maintaining security within the Shiba Inu community.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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