Over the past 24 hours, the Shiba Inu token burn rate has experienced a major surge, skyrocketing by an astonishing 2814%. This notable increase occurred even as SHIB’s market price continued to decline.
https://coinmarketcap.com/currencies/shiba-inu
Table of Contents
Shiba Inu Token Burn Rate
The spike in burn rate has been attributed to remarks made by SHIB’s marketing leader, Lucie, concerning the potential introduction of a SHIB Exchange Traded Fund (ETF). However, despite the intensified token burn and optimistic ETF discussions, SHIB’s price showed no signs of recovery.
According to Shibburn, a platform dedicated to monitoring SHIB token burns, the burn rate saw a rapid increase on June 11, destroying approximately 7.9 million SHIB tokens through various transactions. The goal of token burning is to reduce the total circulating supply, thereby theoretically increasing the value of the remaining tokens.
Shiba Inu’s Community Role
Despite the heightened burn rate, SHIB’s price continued on its downward trajectory, indicating significant selling pressure in the market. The Shiba Inu community played a pivotal role in this increased burn activity. Two wallet addresses were particularly notable for burning substantial amounts of SHIB.
The first address, beginning with 0x608, burned approximately 5.35 million SHIB tokens across two transactions. The second address, starting with 0xc66, destroyed 1.53 million SHIB tokens. Numerous smaller transactions by other community members also contributed to the increased burn rate, cumulatively bringing the total number of burned tokens to an impressive 410.72 trillion.
SHIB ETF
Lucie’s comments about a potential SHIB ETF have sparked considerable interest among SHIB supporters, especially in light of the recent approval of Spot Ethereum ETFs.
However, Lucie expressed uncertainty about whether institutional investors would fully grasp SHIB’s value. She expressed hope that large financial institutions, such as BlackRock, might eventually recognize Shiba Inu’s potential, though their reactions remain to be seen.
SHIB’s Price Analysis
Currently, SHIB has not managed to surpass the critical resistance level of $0.000025. It has been suggested that breaking through this level could lead to an increase in SHIB’s value, potentially reaching $0.00003 and even $0.00005 in the short term.
Achieving and maintaining these levels could pave the way for a more ambitious target of $0.0001. However, SHIB’s price remains far below its all-time high of $0.00008845, and the prevailing downward trend poses a significant challenge to its recovery.
Conclusion
To conclude, the Shiba Inu token burn rate experienced a major surge while the SHIB community’s efforts in burning tokens have been significant, the market price of SHIB has yet to reflect these actions positively. The anticipation surrounding a potential SHIB ETF continues to grow, but the uncertainty regarding institutional investors’ reception adds a layer of complexity to SHIB’s future trajectory.
- Don’t Forget more News and Research articles at
- https://techironed.com/