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SHIB Leader Warning: Caution Against Scams

Anticipating large SHIB burns: What does it mean for the community?

TL;DR

  • Shytoshi Kusama, leader of Shiba Inu, warns the community about scams related to the SHIB token and its ecosystem.
  • SHIB Team Announces Closer Partnership with K9 Finance and Warns About KNINE Token.
  • Large token burns are anticipated after the team reserves a large amount of ETH from transaction fees for this purpose.

The leader of Shiba Inu, known under the pseudonym Shytoshi Kusama, has sent a message to the community warning them about the dangers related to scams linked to the SHIB meme coin and its ecosystem.

From time to time, Kusama and the project’s marketing expert, Lucie, emerge on X/Twitter with similar warnings, as the crypto space offers many opportunities not only for investors, but also for scammers and scam artists.

On this occasion, Shytoshi Kusama warned the community against falling for scams related to the KNINE token, launched by Shibarium‘s recently announced liquid staking partner, K9 Finance DAO.

Kusama also reported on a closer integration between the Shiba team and the K9 Finance team mentioned above.

Shytoshi Kusama and lead Shiba Inu developer Kaal Dhairya have been named official advisors to K9.

A tweet from K9 hints that this appointment is related to the previously mentioned launch of the KNINE token on the Shibarium layer 2 solution.

Shibarium Team Hints at Big SHIB Burns Coming Soon

The aforementioned SHIB team member, Lucie, has tweeted that so far the SHIB team has set aside a massive 40 ETH of transaction fees to perform token burns.

SHIB Leader Warning: Caution Against Scams

This equates to just over $3,390 and is worth a total of 4,690,279,616 Shiba Inu meme coins.

The team began SHIB burns in late November and burned shards containing billions of tokens  from then until February.

Thus, they destroyed approximately 36 billion Shiba Inu by transferring them to non-spendable wallets.

In January, the team began testing an automated way to burn Shiba Inu.

Lucie did not mention a specific date for the burning, but simply recommended that the SHIB military stay tuned for future announcements.

Earlier this week, Lucie addressed the community about her frequent comments about the SHIB team allegedly doing nothing to increase flaring.

In response to those comments, Lucie cited a message from SHIB’s mysterious founder Ryoshi, who disappeared from social media radar in 2022.

Ryoshi advised those who are not happy with slow burns to start burning SHIB themselves.

So far, according to Shibburn, in the last 24 hours, the community  has transferred a total of 48,209,535 SHIB meme coins out of the circulating supply, with 42,466,919 SHIB being the largest amount burned so far. 

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