The Shiba Inu development team is taking decisive action to protect its community from fraudulent activity while simultaneously hinting at substantial future SHIB burns.
Lead developer Shytoshi Kusama recently sounded alarm about potential scams related to the KNINE token, a project launched by their partner in liquid staking, K9 Finance DAO.
Read Also: Shiba Inu Team Shares Ryoshi’s Crucial SHIB Burn Message
Kusama’s warning underscores the importance of due diligence for SHIB investors within the expanding Shiba Inu ecosystem.
Only use official guys here. Lots of scammers!!! Pay attention. https://t.co/J40w3N4yLr
— Shytoshi Kusama™ (@ShytoshiKusama) March 7, 2024
KNINE Token and Shibarium Integration
This ecosystem encompasses, not only the SHIB but also LEASH (limited supply token with special rewards) and BONE (Shibarium’s governance token). Additionally, Shiba Inu boasts its decentralized exchange, ShibaSwap, and an active NFT collection, the Shiboshis.
In another post on X, Kusama announced the official appointment of himself and fellow lead developer Kaal Dhairya as advisors to K9. This move is likely connected to the impending release of KNINE on Shibarium, the project’s layer-2 solution designed to enhance transaction speeds and lower costs.
40 ETH Allocated for SHIB Burns
Adding to the excitement, Shiba Inu developer Lucie revealed that the team has accumulated a massive sum of 40 ETH, which amounts to $157,956 in transaction fees specifically for SHIB burns.
This translates to a staggering 4.6 billion SHIB tokens. While no specific date was announced, Lucie encouraged the SHIB Army to remain vigilant for upcoming announcements.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Pushing for Increased Burns
This latest burn initiative builds upon the team’s established commitment to reducing SHIB’s circulation. Since late November, billions of tokens have consistently been removed through burns. Notably, an automated burn system was implemented in January for even greater efficiency.
Read Also: SHIB News: Shibarium Integrates With CoinMarketCap and CoinGecko: Here’s the Significance
In response to inquiries about further acceleration, Lucie referenced a message attributed to Shiba Inu’s anonymous founder, Ryoshi, which challenged the community to take an active role, in his words, he said “What did you do for Shib’s growth? How much have YOU burned?”. Current data from Shibburn demonstrates the community’s positive reaction to Ryoshi’s statement.
In the past 24 hours, over 87 million SHIB have been removed from circulation, signifying a 99.47% increase in Burn Rate within 24 hours alone. These efforts indicate a powerful desire to propel the project to the next level.
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