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Shiba Inu Burn Rate Leaps 2955% Amid ETF Talks, Will SHIB Price Recover?
Despite the ongoing bearish trend, the Shiba Inu (SHIB) meme coin has caught the attention of the crypto world due to a staggering increase in its token burn rate. According to Shibburn, the platform dedicated to tracking the incineration of SHIB tokens, the burn rate surged by nearly 2955% on Tuesday, June 11. Moreover, the community is also hyped owing to recent discussions around a SHIB ETF.
Shiba Inu Burn Rate Soars Amid SHIB ETF Talks
This dramatic spike in token burning occurred during a period of downward action in the Shiba Inu price. By reducing the overall supply of SHIB in circulation, the burn rate could potentially enhance the token’s value. Over the past 24 hours, the burn rate of SHIB tokens escalated by an impressive 2955.25%, according to Shibburn.
During this period, the Shiba Inu community collectively burned a total of 7.47 million SHIB tokens across multiple transactions. Furthermore, two wallet address stood out amid the spike. The first wallet, 0x608…, transferred a staggering 5.35 million SHIB tokens to a dead wallet via two transactions.
Moreover, another wallet address, 0xc66…, shifted 1.53 million SHIB coins to a dead wallet. Additionally, other Shiba Inu community members conducted several smaller token burns, further driving up the burn rate. These efforts have led to the cumulative amount of SHIB tokens burned reaching an impressive total of 410.72 trillion.
Meanwhile, Shiba Inu’s marketing head, Lucie, recently discussed the SHIB ETF. The topic has garnered significant interest among Shiba Inu supporters following the recent approval of the Spot Ethereum ETFs.
Lucie expressed her doubts about whether institutional investors would recognize the significance of Shiba Inu. She remarked, “I honestly don’t know if institutions will understand how important SHIB is to people and their future finances.”
Nonetheless, she remains hopeful that major financial entities like BlackRock will eventually appreciate Shiba Inu’s potential. Lucie added, “I wish BlackRock would understand the magic and power of SHIB, but let’s see how visionary they are.”
Also Read: Shiba Inu Exec Pushes For FHE Privacy Layer Upgrade to Ecosystem Projects
Will SHIB Price Rebound?
Presently, Shiba Inu has failed to maintain a position above the critical resistance level of $0.000025. According to previous report by Coingape, if the SHIB price surpasses this threshold, it could potentially rise to $0.00003 in the short term. Additionally, this upward momentum might drive Shiba Inu’s value to $0.00005.
Furthermore, should this level be maintained, the cryptocurrency could rally towards the ambitious target of $0.0001.. However, SHIB is still far from surpassing its peak of $0.00008845. In addition, the prevailing trend is quite bearish. Hence, the price needs to recover above $0.000025 first to be able to achieve such ambitious targets.
This recovery might be driven by the rapid burn rate and excitement surrounding the Shiba Inu ETF, but there are no certainties. At press time, the SHIB price plummeted by 3.45% to $0.00002249 on Tuesday. Whilst, the meme coin held a market cap of $13.25 billion.
On the contrary, the 24-hour trading volume for SHIB surged 43.05% to $627.17 million, potentially due to the spike in selloffs. According to Coinglass, $561,870 worth of SHIB long liquidations were noted, which could push the prices lower.
Also Read: Shiba Inu (SHIB) ETF Now On Community Radar, Will It See Light of Day?
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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