The burn rate of the Shiba Inu cryptocurrency has surged dramatically, increasing by 64,201% in the past 24 hours, as reported by the Shibburn X account. During this period, a record 657 million SHIB tokens were permanently eliminated from circulation through eight transactions totaling $13,878.

Of particular note is a single transaction that resulted in the removal of around 650 million SHIB to inactive addresses, underscoring the community’s active involvement in shaping market trends amidst a challenging period for various digital assets, often referred to as a “crypto bloodbath.”

While the substantial token burn of 657 million SHIB is significant, it represents only a fraction of the cryptocurrency’s original one quadrillion token supply. Nonetheless, this recent surge in burn activity stands out as one of the most notable in the recent past.

As of the latest update, the value of SHIB has declined by 5.84% in the last 24 hours, now priced at $0.0000227, mirroring the broader downturn in the cryptocurrency market.

Data from IntoTheBlock reveals that Shiba Inu is currently struggling to hold its ground within a crucial trading range of 51 trillion SHIB, valued between 0.000022 and 0.000025. This range is underpinned by 57,520 addresses holding 51.27 trillion SHIB at an average buying price of $0.000023.

Reclaiming this range could pave the way for the next resistance level between 0.000025 and 0.000030, while a drop below might find support in the 0.000019 to 0.000022 range.

Moreover, the Shiba Inu community has been alerted to the emergence of several fraudulent groups on Telegram. These scammers impersonate legitimate channels, enticing users with false promises of exclusive content, giveaways, investment schemes, or assistance in resolving transaction issues.

In response to this threat, the Shibarmy scam alerts handle has issued a crucial advisory urging SHIB holders to verify the legitimacy of channels, avoid suspicious links, and refrain from disclosing personal wallet details publicly. Community members are advised to exercise caution, authenticate all communications, and refrain from making impulsive decisions based on unverified sources.

This proactive approach is essential for shielding against potential scams and upholding security within the Shiba Inu community.