Shiba Inu has garnered attention due to a significant spike in its token burn rate, which surged by roughly 2955% as of June 11.
The Shiba Inu (SHIB) meme coin has taken the attention of the cryptocurrency community due to a remarkable spike in its token burn rate.
This is despite the fact that the bearish trend has been going on for quite some time. As of Tuesday, June 11, the burn rate had increased by roughly 2955%, according to Shibburn, a platform dedicated to tracking the combustion of SHIB tokens.
Furthermore, the community is excited about recent conversations that have focused on a SHIB exchange-traded fund. The price of Shiba Inus was falling during the period when the number of tokens burned significantly increased.
Shiba Inu Burn Rate Soars Amid SHIB ETF Talks
Increasing the burn rate has the potential to increase the token’s value because it will reduce the total supply of SHIB that is currently in circulation. Shibburn reports a staggering 2955.25% increase in the burn rate of SHIB tokens over the last 24 hours.
During this period, the Shiba Inu community as a whole burned a total of 7.47 million SHIB tokens through a variety of different transactions. Additionally, two wallet addresses stood out among the market fluctuations. Two separate transactions were used by the first wallet, 0x608…, to transfer an astounding 5.35 million SHIB tokens to a wallet that had been abandoned.
In addition, a different wallet address, 0xc66…, sent 1.53 million SHIB coins to a wallet that was no longer active. Additionally, other members of the Shiba Inu community carried out a number of smaller token burns, which contributed to an even greater increase in the burn rate.
These efforts have resulted in the total quantity of SHIB tokens burned reaching an impressive sum of 410.72 trillion. While this was going on, Lucie, who is in charge of marketing for Shiba Inu, recently talked about the SHIB ETF.
Following the recent approval of the Spot Ethereum ETFs, there has been a considerable increase in the amount of interest that Shiba Inu supporters have shown in this topic.In her statement, Lucie emphasized her uncertainty regarding the likelihood that institutional investors would acknowledge the significance of Shiba Inus.
During her speech, she made the following observation: “I honestly do not know if institutions will understand how important SHIB is to people and their future finances.”That being said, she continues to maintain her optimism that major financial institutions like BlackRock will someday recognize the potential of Shiba Inus.
Lucie continued by saying, “I wish BlackRock would understand the magic and power of SHIB, but let’s see how visionary they are.”At the moment, Shiba Inu has not been able to maintain a position above the critical resistance level of $0.000025.
Will SHIB Price Rebound?
In the short term, the price of SHIB has the potential to increase to $0.00003 if it is able to cross this benchmark. Furthermore, the value of Shiba Inu could potentially reach $0.00005 as a result of this increasing momentum.
Furthermore, if this level holds, the cryptocurrency could potentially rise towards the ambitious target of $0.0001. For the time being, however, SHIB has yet to surpass its all-time high of $0.00008845. Another point to keep in mind is that the current trend is fairly bearish.
Consequently, in order to accomplish such lofty goals, the price must first return beyond $0.000025 before it can be considered successful. Despite the fact that there is no certainty, it is possible that the high burn rate and excitement surrounding the Shiba Inu ETF are the driving forces behind this comeback.
At the time of this publication, the price of SHIB had dropped by 3.45%, reaching $0.00002249 on Tuesday. When the meme coin was in circulation, its market capitalization was $13.25 billion.
On the other hand, the increase in selloffs may have caused the 24-hour trading volume for SHIB to increase by 43.05% to $627.17 million. Coinglass reported a total of $561,870 worth of SHIB-long liquidations. This may result in a decrease in prices.