- Token burn boosts SHIB value by reducing circulating supply, evidenced by a 2955% surge.
- SHIB community burns 7.47M tokens, pushing for ETF amid Ethereum ETF approval.
- Lucie, Shiba Inu’s head of marketing, casts doubts on institutional recognition for SHIB.
Recently, one of the popular meme coins has risen to the spotlight and quickly attracted the attention of the crypto markets through the exponential growth of its token burn rate, and it is the Shiba Inu (SHIB) token. In the Tuesday, June 11, 2024 analysis of Shibburn, a platform that closely monitors the burning of SHIB tokens, the burn rate was shown to have surged by a mammoth 2955%. The community is also increasingly enthusiastic about the conversation surrounding the SHIB ETF.
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A dramatic increase in token burning occurred during the Shiba Inu price decline period. Thus, it can be stated that the burn rate expresses an ability to increase the value of the SHIB token when the total circulating supply of this token is reduced. As per the data of the last 24 hours, the burn rate of SHIB has enhanced by 2955.25%.
During this period, the SHIB community burnt 7,470,000 SHIB tokens in 3 different transactions by following the given DAO proposal. Two wallet addresses stand out amidst this surge. The first address, 0x608…, transferred 5.35 million SHIB tokens to the dead wallet via two transactions.
Another wallet address, 0xc66…, moved 1.53 million SHIB coins to the dead wallet. Furthermore, other members working on the Shiba Inu project also performed several other token burn deliberately making it reach 410.72 trillion SHIB tokens.
In a recent post on X, Lucie who acts as the head of marketing at Shiba Inu talked about the SHIB ETF. This topic has attracted great interest among Shiba Inu supporters following the recent approval of the Ethereum Spot ETF. Lucie expressed doubt whether institutional investors would recognize the importance of Shiba Inu.
After the recent launch of the Ethereum Spot ETF, expectations in the Shiba Inu community have increased for a similar product associated with SHIB tokens. The latest in this regard is a very rapidly growing petition, now touching on more than 10.000 signatures, calling for Grayscale – one of the largest crypto ETF producers to launch an ETF for the meme token.
Shiba Inu community mobilized itself to attain signatures on the petition to be posted on Charge.org where the founder Michael Sonnenshein of Grayscale has been urged to introduce a SHIB ETF.
At the moment, Shiba Inu has not been able to cling to the $0.000025 point as a support area. In the same way, if the SHIB price range goes above this level, the token can reach $0.0000.3 in the short term. Moreover, this upward tendency could extend its value to $0.00005 as seen below in the table.
However, the price of SHIB in the market has not even closely touched its high of $0.00008845. The direction of the current trend is still negative, and the reason is as follows, or at least it seems to be logical. Therefore, the price needs to recover above $0.000025 first to reach this ambitious target. If this recovery is to occur, it might be a result of the fast burn rate and passion towards Shiba Inu ETFs, although this is not quite definite.
For the past 24 hours, the SHIB price dropped by 1. 22% to $ 0.00002191 on Wednesday. However, this meme coin has the same market capitalization as $12.9 billion. Holding a different case, SHIB’s 24-hour trading volume increased by 30.21% to $810 billion from a spike in selling. However, the SHIB long liquidations that occurred amounted to $ 561,870 and it is likely to drop the price more.
Shiba Inu’s future in crypto looks promising despite recent price swings. A massive increase in token burn rates reflects strong community commitment. Talks of a SHIB ETF, inspired by Ethereum’s success, signal innovation. Challenges like market volatility and regulations exist but community enthusiasm suggests a positive path forward in the crypto world.
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