Shiba Inu Burn Rate Leaps 2955% Amid ETF Talks, Will SHIB Price Recover?

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As an analyst with a background in crypto markets and experience in analyzing meme coins, I find the recent development in Shiba Inu (SHIB) intriguing. The surge in its token burn rate and the ongoing discussions around a potential SHIB ETF are noteworthy indicators of community activity and potential institutional interest.

In spite of the persistent downturn in the cryptocurrency market, Shiba Inu (SHIB), the popular meme coin, has generated significant interest lately thanks to an extraordinary spike in its token destruction rate. As reported by Shibburn, the platform that monitors SHIB token burns, there was a remarkable surge of approximately 2955% in token burns on June 11, 2023. Additionally, the crypto community is buzzing with excitement due to recent speculations regarding a potential SHIB Exchange-Traded Fund (ETF).

Shiba Inu Burn Rate Soars Amid SHIB ETF Talks

As an analyst, I’ve noticed a significant surge in SHIB token burning during a price downturn. By decreasing the available supply of SHiba Inu tokens, this heightened burn rate could potentially boost the token’s value. Over the past 24 hours, the burn rate for SHIB tokens skyrocketed by an astounding 2955.25%, based on Shibburn’s data.

During this timeframe, the Shiba Inu community collectively disposed of a grand total of 7.47 million SHIB tokens through various transactions. Among these transactions, two wallet addresses drew particular attention. The first notable address, 0x608…, made headlines by transferring an impressive 5.35 million SHIB tokens to an inactive wallet via two distinct transactions.

Furthermore, another Ethereum address, 0xc66…, transferred 1.53 million SHIB coins to a dormant wallet. Simultaneously, various Shiba Inu community members executed several smaller token burns. Collectively, these actions have significantly increased the rate of token burns, leading to a grand total of 410.72 trillion SHIB tokens being burned.

Recently, Shiba Inu’s marketing lead, Lucie, talked about the potential SHIB Exchange-Traded Fund (ETF). This subject has generated a lot of buzz amongst Shiba Inu backers due to the recent acceptance of Spot Ethereum ETFs.

Lucie questioned the awareness of institutional investors towards Shiba Inu’s importance, stating, “To be honest, I’m unsure if institutions grasp the value Shiba Inu holds for individuals and their financial futures.”

Despite this, Lucie continues to be optimistic that institutions such as BlackRock will ultimately recognize Shiba Inu’s value. She expressed her hope, “I only wish BlackRock could grasp the enchantment and might of SHIB; we’ll have to wait and see how forward-thinking they truly are.”

Will SHIB Price Rebound?

As a researcher studying the cryptocurrency market, I’ve observed that currently, Shiba Inu has been unable to hold its price above the crucial resistance level of $0.000025. Based on my previous analysis published on Coingape, if the SHIB token manages to break through this barrier, it could potentially lead to a short-term rise towards $0.00003. Furthermore, this upward trend might propel Shiba Inu’s value even higher, potentially reaching $0.00005.

If the current level persists, there’s a chance that the cryptocurrency could advance toward the significant goal of $0.0001. However, SHIB is yet to surpass its historic high of $0.00008845. Moreover, the market sentiment remains predominantly negative. Consequently, the price must first rebound above $0.000025 to have any hope of reaching such ambitious objectives.

As a crypto investor, I’ve noticed that the recent recovery in Shiba Inu (SHIB) could be fueled by the swift expenditure rate and heightened enthusiasm surrounding the upcoming Shiba Inu ETF. However, it’s essential to remember that there are no guarantees in this volatile market. At the current moment, SHIB’s price took a nosedive by 3.45% to hit $0.00002249 on Tuesday. Despite the setback, Shiba Inu still held a significant market capitalization of $13.25 billion.

Contrary to expectations, the trading volume for SHIB on a 24-hour basis experienced a significant increase of 43.05% to reach $627.17 million. This surge might be attributed to an uptick in selloffs. As reported by Coinglass, there were long position liquidations totaling $561,870. These events could potentially lead to a decrease in SHIB prices.

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2024-06-11 08:40