shiba inu news – Shiba Inu Burn Rate Jumps 2955%: Can ETF Discussions Revive SHIB Price?
Shiba Inu News – Despite the persistent bearish trend, the Shiba Inu (SHIB) meme coin has captured significant attention in the crypto community due to a remarkable surge in its token burn rate. Shibburn, a platform that tracks the burning of SHIB tokens, reported an astounding 2955% increase in the burn rate on Tuesday, June 11. This surge is coinciding with growing excitement around potential SHIB ETF discussions.
Shiba Inu Burn Rate Skyrockets Amid ETF Speculation
The dramatic spike in token burning has occurred during a period of declining Shiba Inu prices. By reducing the total supply of SHIB in circulation, the burn rate could potentially increase the token’s value. In the past 24 hours, the SHIB burn rate soared by an impressive 2955.25%, according to Shibburn.
During this time, the Shiba Inu community collectively burned 7.47 million SHIB tokens through multiple transactions. Notably, two wallet addresses played a significant role in this surge. The first wallet, 0x608…, sent a staggering 5.35 million SHIB tokens to a dead wallet through two transactions.
Additionally, another wallet, 0xc66…, transferred 1.53 million SHIB coins to a dead wallet. Other community members contributed with smaller burns, further boosting the burn rate. These efforts have resulted in a cumulative total of 410.72 trillion SHIB tokens burned.
Meanwhile, Lucie, Shiba Inu’s head of marketing, recently touched on the topic of a SHIB ETF. This idea has sparked significant interest among Shiba Inu enthusiasts, especially following the recent approval of Spot Ethereum ETFs.
Lucie voiced her uncertainty about whether institutional investors would appreciate the importance of Shiba Inu. She said, “I honestly don’t know if institutions will understand how important SHIB is to people and their future finances.”
Despite this, she remains optimistic that major financial entities like BlackRock will eventually recognize Shiba Inu’s potential. Lucie added, “I hope BlackRock can see the magic and power of SHIB, but let’s see how visionary they are.”
Will SHIB Price Bounce Back?
Currently, Shiba Inu is struggling to stay above the critical resistance level of $0.000025. As reported by Coingape, if SHIB can break through this barrier, it might climb to $0.00003 in the short term. This upward movement could potentially drive SHIB’s value to $0.00005.
Maintaining this level could set the stage for a rally towards the ambitious target of $0.0001. However, SHIB is still far from its peak of $0.00008845. Given the prevailing bearish trend, the price needs to recover above $0.000025 to aim for such lofty goals.
This potential recovery could be fueled by the rapid burn rate and the buzz surrounding the SHIB ETF, though nothing is certain. As of now, SHIB’s price has dropped by 3.45% to $0.00002249. Despite this, the meme coin maintains a market cap of $13.25 billion.
Conversely, SHIB’s 24-hour trading volume has surged by 43.05% to $627.17 million, likely due to an increase in selloffs. Coinglass reported $561,870 worth of SHIB long liquidations, which could exert further downward pressure on the price.
FAQs: Shiba Inu (SHIB) and Token Burn Rate
What is the Shiba Inu token burn rate?
The Shiba Inu token burn rate refers to the speed at which SHIB tokens are permanently removed from circulation. This is done by sending the tokens to “dead” or “burn” wallets, where they can no longer be accessed or traded.
Why is the token burn rate important?
Burning tokens reduces the total supply of SHIB in circulation. With a lower supply and steady or increasing demand, the value of the remaining tokens can potentially increase.
Why did the burn rate surge so dramatically?
On June 11, the burn rate surged by 2955%, according to Shibburn. This dramatic increase was due to several large transactions by community members, where millions of SHIB tokens were sent to burn wallets. Notably, two wallet addresses significantly contributed by burning millions of tokens.
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