Crucial Anti-Scam Warning Comes From SHIB Team

One of the SHIB social media admins, known on the X social media platform as @DavinciShib, has addressed the vast global community of the second largest meme cryptocurrency Shiba Inu, warning them against possible scams on the decentralized Shibarium network.

Davinci warned the SHIB army not to blindly begin investing in new projects that may join Shibarium and begin inviting users. He also bashed Solana as a network full of scam projects.

SHIB team's anti-scam warning

Davinci commented on a potential meme cryptocurrency project that might appear on Shibarium. The SHIB Discord admin strongly advised the community be sure they “thoroughly research all the facts before jumping on board,” since not all third-party cryptos on Shibarium are likely to be trustworthy.

The admin warned that the bigger the Shibarium expansion, the more trash will attack it. He gave an example of the Solana (“Ethereum killer”) chain, saying that scams are an inevitable part of the crypto game: “i mean look at solana huge and absolutely crawling with scams its just how the game is played.”

SHIB burns spike 515%

Today, the Shibburn tracker revealed that over the past 24 hours, the burn rate of Shiba Inu went up substantially, soaring by more than 515%. This significant increase was down to the SHIB burns recently performed by the SHIB community.

Within the last day, their mutual efforts have helped to remove a total of 72,847,617 SHIB. According to the details provided by the Shibburn website, 70,605,175 SHIB coins were scorched in a single transaction that took those coins to an unspendable wallet. The second largest SHIB lump sent to a dead-end wallet carried 1,724,757 Shiba Inu.

SHIB follows Bitcoin price curve

Over the past few days, many coins in the cryptocurrency market have revived themselves from a deep red pit and now have been moving in a range, mirroring the Bitcoin price trajectory.

On Dec. 10, the worlds pioneer crypto recovered after bottoming at the $94,500 level and went up to reach the $102,500 level but failed to surpass it and then repeated its attempt later this week. At the time of this writing, BTC is trading at $101,662. SHIB has increased from $0.00002435 and is changing hands at $0.00002818, which constituted a 15.74% price surge.