As a seasoned crypto investor with a keen interest in meme coins, I’ve been keeping a close eye on Shiba Inu (SHIB) and its recent developments. The surge in SHIB’s burn rate by approximately 4000% today is undeniably noteworthy, particularly when considered against the backdrop of potential optimism surrounding an upcoming SHIB ETF.
Shiba Inu (SHIB), Dogecoin‘s main competitor in the cryptocurrency world, has gained significant traction recently. Today, July 12, marked a remarkable increase of almost 4000% in SHIB’s burn rate. This intriguing development comes as speculation around a potential SHIB Exchange-Traded Fund (ETF) heats up, fueling further debate within the global crypto sphere.
The meme coin is presently showing indications of stabilization, generating curiosity amongst crypto market enthusiasts.
Burn Rate Spikes 4000%, SHIB ETF Optimism Persists
According to Shibburn’s data analysis, I observed an astounding increase of 3988.31% in the burn rate recently. This significant surge can be mainly attributed to the elimination of approximately 71.18 million coins from circulation within the last 24 hours.
As a researcher studying Shiba Inu’s cryptocurrency dynamics, I can tell you that their burn mechanism significantly reduces the total circulating supply. Currently, this number stands at approximately 589.27 trillion coins. It’s important to note that a substantial portion of tokens – around 410.72 trillion – have been permanently removed from circulation through this burn mechanism.
As a supply analyst, I’ve observed that when the supply of Shiba Inu coins decreases due to various reasons, its scarcity increases, which adheres to the fundamental principle of supply and demand. This scarcity, in turn, creates a bullish sentiment for the meme coin. The ongoing SHIB burning initiative has further fueled optimism among investors regarding the potential market dynamics of Shiba Inu in the future.
As a financial analyst, I’ve noticed an increasing excitement in the crypto community recently, fueled by Shiba Inu’s marketing lead Lucie and her hints about a potential SHIB Exchange-Traded Fund (ETF). CoinGape Media reported that Lucie is highly optimistic about the future of a Shiba Inu ETF. She also emphasized the advantages of an ETF, which could serve as additional bullish factors for the meme coin investment product.
I’ve noticed that Shiba Inu (SHIB) has joined the ranks of other cryptocurrencies in the red zone today, following the general downturn in the market.
SHIB Price Slips
When composing text, the value of SHIB experienced a decrease of 1.85%, resulting in a price of $0.00001616. The lowest and highest points in the previous 24 hours were recorded at $0.00001596 and $0.00001698, respectively.
The weekly graph indicates a notable increase of 20.87% in value, implying today’s decrease could be aligned with the general market direction. Furthermore, the token has exhibited stability around the $0.000016 level since July 9. Additionally, the Relative Strength Index (RSI) hovers around 41, suggesting a neutral standpoint for the asset.
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2024-07-12 10:25