SHIB Burns Soar out of Red in Single Hour, With Massive SHIB Lump Scorched

by

As a seasoned researcher with a deep interest in the cryptocurrency market and its intricacies, I find the recent developments surrounding Shiba Inu (SHIB) particularly intriguing. The drastic increase in SHIB burn rate within just an hour, as reported by popular tracking platform Shibburn, has left me both surprised and excited.

Shibburn, a widely-used tracking platform, has released two tweets indicating a significant surge in the SHIB burn rate within an hour, bringing it close to entering the green zone with only around 5% left to go.

As an analyst, I’ve observed a significant destruction of Shib tokens within the hour, with over 40 million tokens being eliminated. Previously today, approximately 10 million Shib tokens were also eradicated through burning.

57.4 million SHIB removed for good

In the initial tweet, it was revealed that a total of 17,158,090 SHIB meme coins were burned in the previous 24 hours, representing a burn rate of approximately 71.58%. An hour later, another tweet disclosed a new figure of 57,468,719 SHIB burnt within the same timeframe, corresponding to a significantly higher burn rate of roughly 4.82%.

The weekly Shibburned amounts varied significantly. It went from 151.3 million SHIB, where the burn rate accounted for 91.71%, to 191.6 million SHIB, with a burn metric reaching an impressive 142.79%.

SHIB Burns Soar out of Red in Single Hour, With Massive SHIB Lump Scorched

The biggest SHIB transfer recorded today has moved 39,060,373 tokens to a wallet on the blockchain where they are unable to be spent.

Altcoin season coming, SHIB member says

Based on my extensive experience in the cryptocurrency market and having closely followed the trends, I strongly believe that an altcoin season is imminent. My conviction stems from observing the recent price fluctuations and market behavior, as well as the insights shared by experts like Lucie, a renowned Shiba Inu marketing specialist. Her prediction aligns with my own analysis, making me optimistic about potential opportunities in the altcoin sector.

As a seasoned cryptocurrency investor and follower of market trends, I strongly believe that the launch of Ethereum ETFs will mark the beginning of an altcoin season. Based on my extensive experience in this field, I’ve noticed that the introduction of ETFs for major cryptocurrencies often leads to a surge in interest and investment in alternative coins or “altcoins.”

Yesterday marked the initial trading day for Ethereum-based spot ETFs, and the market response was significant. The combined trading volume of these new crypto products surpassed $1 billion. Among them, BlackRock’s ETHA ETF attracted $266.5 million in investments, while Bitwise ETHW ETF drew in $204 million. These two ETFs experienced the most substantial daily inflows to date.

Bitcoin maximalists, including Max Keiser, Samson Mow, and Anthony Pompliano, have been criticizing Ethereum and the ETFs linked to its spot price. According to Keiser, spot Bitcoin ETFs enhance Bitcoin’s allure as digital gold, while Ethereum ETFs could diminish Ethereum’s attractiveness for investors. Mow, CEO of JAN3, noted that Ethereum’s price remained relatively unchanged leading up to the ETF launch.

Read More

2024-07-24 17:26