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X account @susbarium, affiliated with Shiba Inu team, issued a warning to the community, drawing attention to the massive $100,000 SHIB burn that took place over the last 24 hours – 5,612,878,479 SHIB, according to Shibburn.
SHIB’s Recent Burn with a 252,910% Surge Could Be a ‘Speed Attention Game’
The tweet states that there was a massive burning of Shiba Inu coins worth around $100,000 today. The team behind the account stressed that the SHIB army should remain cautious despite the huge amount of destroyed meme coins.
According to the lengthy tweet, some projects are likely to start burning large amounts of SHIB as they pursue their specific goal: “attracting the SHIB army with pre-sales or low-quality tokens.” The warning emphasizes that “this is not the first time and it will not be the last.”
The massive burn is likely “a game of quick attention,” the tweet said, warning SHIB holders that before embarking on any project that helps burn SHIB, they should look at the big picture in detail and DYOR – an acronym that means “do your own research.”
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DYOR Tips from the SHIB Team
The tweet also contained some tips that may be useful not only to SHIB users, but also to all cryptocurrency holders, on how to value cryptocurrency projects and determine if they are worth investing in. ‘invest.
The first is an evaluation of the objectives of a project. It’s important to look beyond the SHIB burns they’re doing, check the team’s background, the roadmap they’ve published, and see if their token has any real utility.
The second point concerns the importance of verifying team allocation and assets. This includes reviewing their token distribution – how much of the supply is allocated to the team or its insiders. If this allocation percentage is high, it could be a red flag, the tweet said.
These steps are followed by tips for understanding tokenomics and examining the promotion methods used by the team. It is important to look at the token supply, its liquidity, and the structure of the token. It’s important to note, according to the tweet, that “influencers and big accounts rarely promote for free.”