Shiba Inu Surges 2955% as SHIB ETF Excitement Sweeps Crypto Community

Shiba Inu (SHIB) tokens, one of the popular meme coins has been experiencing substantial surge in the burn rate, grabbing the attention of the crypto markets. According to the June 11, 2024 analysis by Shibburn, a platform monitoring SHIB token burning, the burn rate soared by a staggering 2955%. The community is also buzzing with excitement about the potential launch of a SHIB ETF.

The dramatic increase in token burning coincided with a decline in the price of Shiba Inu. This indicates that the burn rate has the potential to increase the value of the SHIB token by reducing the total circulating supply. Over the last 24 hours, the burn rate of SHIB has increased by 2955.25%.

During this period, the SHIB community burned 7,470,000 SHIB tokens in 3 separate transactions in accordance with a DAO proposal. Notably, two wallet addresses were responsible for a significant portion of this surge. One address (0x608…) transferred 5.35 million SHIB tokens to the dead wallet in two transactions, while another address (0xc66…) moved 1.53 million SHIB coins to the dead wallet. Additionally, other individuals involved in the Shiba Inu project intentionally burned a significant number of tokens, bringing the total circulating supply of SHIB tokens down to 410.72 trillion.

Read Also: Shiba Inu Price Poised for Surge, Analyst Predicts

Lucie, the head of marketing at Shiba Inu, on X recently discussed the SHIB ETF and expressed doubts about institutional investors recognizing the importance of Shiba Inu, following the approval of the Ethereum Spot ETF.

Following the launch of the Ethereum Spot ETF, the Shiba Inu community has high hopes for a similar product related to SHIB tokens. A rapidly growing petition, with over 10,000 signatures, urges Grayscale, one of the largest crypto ETF producers, to launch an ETF for the meme token.

Currently, Shiba Inu has not been able to maintain support at $0.000025. If the SHIB price surpasses this level, the token could reach $0.00003 in the short term and potentially extend its value to $0.00005 as outlined in the table.

Despite recent fluctuations in the SHIB price, it has not come close to its previous high of $0.00008845. The current trend remains negative, and the price needs to recover above $0.000025 to reach this ambitious target. A potential recovery could be attributed to the fast burn rate and growing interest in Shiba Inu ETFs, although this is not certain.

Over the past 24 hours, the SHIB price dropped by 1.22% to $0.00002191 on Wednesday. The market capitalization of this meme coin stands at $12.9 billion. While the 24-hour trading volume increased by 30.21% to $810 billion due to a spike in selling, SHIB long liquidations amounted to $561,870, which could potentially push the price down further.

Read Also: Shiba Inu’s ShibaSwap Teams Up with DEXTools for Cutting-Edge DeFi Analytics

Despite recent price swings, Shiba Inu’s future in the crypto space looks promising. The significant increase in token burn rates reflects a strong community commitment, and discussions about a SHIB ETF, inspired by the success of Ethereum, indicate ongoing innovation. While challenges such as market volatility and regulations exist, the palpable enthusiasm within the community suggests a positive trajectory for Shiba Inu in the crypto world.

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