The post $100,000 Shiba Inu Burn Triggers Epic 252,910% Surge, Why Investors Should Beware appeared on BitcoinEthereumNews.com.

The Shiba Inu burn rate skyrocketed by 252,910% as $100,000 worth of SHIB tokens was burnt in one transaction. This typically presents a bullish outlook for the Shiba Inu price, but the scam detector platform Susbarium has explained to investors why they should be wary of such token buns.  Shiba Inu Burn Rate Skyrockets, But It Might Not Be Good Shibburn data shows that the burn rate surged by 252,910% in the last 24 hours, with 5.6 billion SHIB tokens burnt during this period. A single transaction made up for most of these, with 5.5 billion SHIB burnt. A burn of such magnitude is bullish for the Shiba Inu price, considering that the meme coin’s price will ultimately become more valuable as more coins are burnt.  However, in an X post, Susbarium warned SHIB investors to be cautious about this burn transaction. The platform explained that some projects use these big burns to attract Shiba Inu community members with presales or low-quality tokens. According to the platform, this isn’t the first time it has happened, and it won’t be the last.  To avoid falling prey to such projects, Susbarium told the Shiba Inu community to ensure to look at the full picture. The scam detector outlined ‘DYOR’ tips that these investors could follow while trying to look at the full picture. First, investors were advised to go beyond the burn transaction and check the team’s background, roadmap, and whether the token has a real utility. Secondly, Susbarium stated that Shiba Inu investors should review the token’s distribution and how much of the supply is allocated to the team or insiders. A huge allocation to the team or insiders can be a red flag. Furthermore, investors are advised to look into the supply, liquidity, and the token’s structure. The platform mentioned…

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Filed under: News - @ November 1, 2024 3:23 pm