Lucie, the Shiba Inu team’s social media expert, issued a significant warning to the SHIB community. Lucie referenced Albert Einstein, advising SHIB fans and Shibarium developers to “stay away from negative people. They have a problem to every solution.” Lucie, along with other team members, has been frequently issuing warnings to the Shiba Inu global community. These warnings aim to alert the SHIB army about the dangers of crypto scams, particularly targeting new and inexperienced investors.
SHIB Burn Rate Drops Sharply
Recently, the SHIB community’s efforts to reduce the circulating Shiba Inu supply have sharply declined. According to the Shibburn analytics platform, the SHIB burn rate dropped by 18.78% over the last 24 hours. Despite this decline, the community successfully burned a total of 8,748,598 SHIB meme coins, transferring them to unspendable blockchain wallets and locking them permanently. This ongoing burn process reflects the community’s commitment to reducing the supply of SHIB.
On Friday, June 8, SHIB, the second-largest meme cryptocurrency by market capitalization, faced a significant price decline of nearly 8.4%. This decline was marked by three consecutive red candles on an hourly chart. This drop mirrored the negative price action of Bitcoin, which fell by 3.7%, dropping from over $71,650 to around $69,030.
Related article: Shiba Inu (SHIB) Price Faces Resistance at $0.00002835 Amid Selling Surge
Several factors contributed to Bitcoin’s plunge, including poor GameStop earnings in the first quarter and a subsequent 39% drop in GME’s price. Moreover, Bitcoin was also affected by the disappointing US government’s employment report. As of now, Bitcoin is trading near the $69,350 level.
Transitioning To a Cautious Approach
As a result, Lucie’s warning to the SHIB community emphasizes caution. By urging fans and developers to avoid negative influences, Lucie hopes to foster a more positive and resilient community. The frequent warnings and the recent drop in the SHIB burn rate suggest a need for increased vigilance.
Related article: SHIB Whale Activity Intensifies Amid Burn Rate Spike
The current market conditions, marked by the significant declines in both SHIB and Bitcoin prices, highlight the volatility and risks in the cryptocurrency market. Thus, staying informed and cautious becomes essential for investors and developers alike.
The SHIB team, through Lucie’s warnings, underscores the importance of positivity and vigilance in navigating the crypto space.
The SHIB community’s efforts to reduce supply and the recent price fluctuations reflect the dynamic nature of the market. As the community continues to grow, staying alert to potential scams and negative influences remains crucial.
