Key SHIB Metric Explodes 3,988%, Here’s What’s Happening

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As an experienced analyst, I find the recent surge in SHIB burn rate to be a noteworthy development in the world of meme cryptocurrencies. The data shared by Shibburn reveals that the SHIB community has been actively burning coins at an unprecedented rate, with one large transaction carrying tens of millions of SHIB. This trend comes as the second largest meme coin continues to trade sideways, struggling to break above significant resistance levels.

As a diligent researcher, I’ve recently uncovered some intriguing data from the Shibburn platform. The number of efforts made by the dedicated SHIB community to buy back and burn their meme coin has seen a significant surge.

As a crypto investor keeping an eye on my Shiba Inu holdings, I’ve noticed some intriguing data from the wallet tracker I follow. Specifically, there was a notable transfer involving several tens of millions of SHIB tokens. Despite this development, SHIB, the second largest meme cryptocurrency, has been trading flat with repeated efforts to surpass the $0.0001700 mark and reclaim its former heights.

SHIB burn rate jumps 3,988%

As an analyst, I’ve examined the latest report from Shibburn and discovered that the SHIB burn rate experienced a significant surge of approximately 3,988.31% over the last 24 hours. This impressive increase resulted in the burning of around 71,187,963 SHIB meme coins. The largest portion of these coins, which accounted for about 69,000,000 tokens, was transferred to an unspendable wallet around nineteen hours ago as a single transaction.

As a crypto investor, I can tell you that the second-largest transaction in terms of SHIB tokens burned is significantly smaller than the largest one. Specifically, approximately 1.1 million SHIB tokens were sent to the burn address, effectively removing them from circulation.

Key SHIB Metric Explodes 3,988%, Here's What's HappeningShibburn

Based on the provided data, as of now, approximately 410 trillion SHIB tokens have been eliminated from circulation by the SHIB team, primarily through burning by Ethereum co-founder Vitalik Buterin in May 2021. The remaining 583 trillion SHIB tokens are currently in circulation within the cryptocurrency market.

SHIB rep teases imminent Shiba Inu ETF

This week, Lucie, Shiba Inu’s marketing head, shared two updates on her X social media platform. She talked about the potential creation of an Exchange-Traded Fund (ETF) by asset management firms that could be tied to Shiba Inu in these posts.

As a researcher studying the cryptocurrency market, I can tell you that the Bitcoin Exchange-Traded Fund (ETF) based on the spot price was introduced for the first time in January. Now, there’s growing anticipation within the crypto community for the Securities and Exchange Commission (SEC) to approve an Ethereum ETF tracking the same pricing model. In 2021, both Bitcoin and Ethereum Futures ETFs were given the green light and successfully launched.

Why a SHIB ETF Could Be Advantageous:— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) July 11, 2024

As a dedicated researcher studying the cryptocurrency market, I strongly believe that the launch of a SHIB Exchange-Traded Fund (ETF) is not only plausible but also highly beneficial for SHIB and Decentralized Finance (DeFi) as a whole. My optimistic outlook on this matter was recently expressed in a tweet, where I highlighted several potential advantages.

As a crypto investor, I’ve come to realize that the upcoming launch of an SHIB ETF could bring some challenges for me and the DeFi community. Here are three potential downsides:

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2024-07-12 11:55