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Shiba Inu warns of fake SOU NFTs, 117M SHIB burned in 24 hours, price up 3%, with a record daily burn rate and whale buying, but on-chain transactions collapse
Shiba Inu has issued a crucial security alert over legacy domains, warning users of fake SOU NFTs and phishing links, as the team launches the SOU (Shib Owes You) initiative to support impacted users of the Shibarium hack [1]. The alert comes as the price of SHIB rose 3% in the last 24 hours, driven by a record daily burn rate of 117,540,000 SHIB, a 2,733% spike versus typical 2026 burn levels [2].
| At a glance | |
|---|---|
| Price | $0.0000042975 |
| 24h % move | +1.36% |
| Key level | Record daily burn rate |
| Catalyst | SOU initiative and whale buying |
The recent price move of SHIB was driven by a combination of factors, including the record daily burn rate and short-term whale accumulation in the Ethereum meme sector [2]. The burn rate spike was the clearest positive event in the window, and it lines up temporally with the modest upward drift in price. Additionally, there is evidence of coordinated whale accumulation in Ethereum-based meme coins, with SHIB explicitly called out as the main beneficiary, with a net flow of about +$153.4k into SHIB [2].
The SOU initiative is part of efforts to restore users impacted by the Shibarium hack incident last September, and it will support impacted Shibarium users with payouts, donations, and occasional rewards [1]. However, the initiative has also attracted bad actors seeking to leverage the opportunities presented by the SOU and steal user funds. Susbarium, a Shiba Inu-focused account, has issued a security notice regarding the newly-launched SOU NFT, warning users of multiple scam attempts involving the SOU NFT [1].
The on-chain transaction collapse story, which saw SHIB transfers fall from 78,558 to 3,922 transactions in one day, is likely a technical anomaly rather than a market-driven event [2]. The collapse was likely caused by an automated script executing thousands of small transfers and then stopping, and it had no clear price impact at the time it occurred. The SHIB community has also been warned to avoid legacy domains like the old metaverse site and to use official access via Shib.io [2].
| Token Metrics | |
|---|---|
| Circulating supply | 585 trillion |
| Burn rate | 2,733% spike vs typical 2026 levels |
The real significance of the recent price move and security alert is the ongoing struggle between the Shiba Inu team and bad actors seeking to exploit the community, and the impact of the SOU initiative on the price and adoption of the token. As the market continues to evolve, it is essential to monitor the price and on-chain activity of SHIB to understand the underlying trends and drivers.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 2 outlets · Jul 10, 2026 · How we report
On July 8, the community burned more than 117 million SHIB tokens, with a single transaction of over 109 million SHIB from a Robinhood‑linked wallet.
The token continued trading within a narrow range near $0.0000054, showing little price movement despite the large burn.
Analysts highlight demand, circulating supply, and the adoption of the Shibarium network as primary drivers.