Shiba Inu (Shiba) news

Shiba Inu Social Media Expert Issues Warning Amid Decline in SHIB Burn Rate

Lucie, a prominent social media expert within the Shiba Inu team, has issued a stark warning to the SHIB Army, invoking the wisdom of Albert Einstein. Lucie advised SHIB fans and Shibarium developers to “stay away from negative people. They have a problem for every solution.”

In her recent tweets, Lucie, along with other SHIB team members, has been actively addressing the global Shiba Inu community. Their primary focus has been to alert the SHIB Army about the risks of cryptocurrency scams, particularly those targeting inexperienced and new investors within the community.

Sharp Decline in SHIB Burn Rate:

Over the past 24 hours, the SHIB community’s efforts to reduce the circulating supply of Shiba Inu have seen a significant drop. According to data released by the platform, the SHIB burn rate has decreased by 18.78% since yesterday morning. Despite this negative trend, a total of 8,748,598 SHIB tokens have been burned, permanently removing them from circulation by sending them to non-spendable blockchain wallets.

Negative Price Performance of SHIB:

On Friday, June 8, SHIB, the second-largest meme cryptocurrency by market capitalization, experienced a sharp price decline. The price action was marked by three consecutive red candles on the hourly chart.

Read more Significant Increase in Whale Transactions Boosts Shiba Inu (SHIB) Network Activity

This price drop followed a similar negative trend in Bitcoin, the largest cryptocurrency by market cap, which fell by 3.7%, dropping from above $71,650 to around $69,030. The decline in BTC was likely triggered by weak Q1 earnings from GameStop and a subsequent 39% drop in GME stock prices. Additionally, BTC faced downward pressure due to a disappointing jobs report from the U.S. government. As of this writing, Bitcoin is trading near $69,350.

Important Notice: The content of this article is for informational purposes only and should not be construed as financial advice.ย
ย assumes no responsibility for any investment decisions made based on the information provided herein. It is strongly advised to seek the guidance of a qualified specialist or financial advisor before making any investment choices.

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