As the Shiba Inu community keeps removing meme coins from circulation, the SHIB price keeps making attempts to break out.

Within the last 24 hours, the Shiba Inu price has increased by 3.79%, rising from $0.00002430 to the $0.00002511 price mark, where it is changing hands at the time of this writing.

According to the Shibburn tracker, millions of SHIB meme coins have been scorched in a single transaction.

SHIB burn rate up 348%

The Shibburn platform has shown that within the last 24 hours, the burn rate of the second most popular canine-themed token, SHIB, has spiked by slightly more than 348%, with a total of 21,508,945 SHIB transferred to unspendable blockchain wallets during this time.

The majority of this amount was destroyed in a single move as an anonymous crypto whale transferred 21,315,658 SHIB to a dead-end wallet approximately an hour ago.

That was the largest out of the four transactions spotted by Shibburn since yesterday morning. The second largest one carried 100,000 meme coins. Last week, the SHIB army celebrated the three-year anniversary of Vitalik Buterin burning 410 trillion Shiba Inu.

SHIB rep issues major scam warning

The SHIB Discord admin, known within the community as DaVinci, has published several messages to warn the SHIB army against blindly investing in new projects allegedly backed by the Shiba Inu developers.

These messages were shared on the X platform by several SHIB enthusiasts. In them, the admin of the SHIB Discord channel stated that, recently, some deceitful individuals have begun issuing tokens, while falsely claiming that they were made in collaboration with the SHIB team.

According to DaVinci, these crypto con artists have changed their tactics, moving from their misuse of Ryoshi Research mediums to the exploitation of Shiba State and the Canine code.

They have also been adding the shib.io address to their scam videos to give them an authentic look and add false credibility to their scam schemes. DaVinci also hinted that these scammers are using the ShibaSwap decentralized exchange to launch their fake tokens. The SHIB rep admitted that since ShibaSwap is decentralized, the team cannot just ban those scam tokens. Therefore, DaVinci urged the SHIB army to be extremely careful and conduct detailed research before investing in any project similar to the ones mentioned above.

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