SHIB Burn Rate Hits 4000% Amid Shiba Inu ETF Speculations
Shiba Inu (SHIB) has recently experienced a significant increase in its burn rate, with a surge of approximately 4000% on July 12 according to data from Shibburn. This surge was driven by the destruction of 71.18 million coins in the past 24 hours, leading to a total market supply of 589.27 trillion coins.
Burn Rate Surge and ETF Speculations
The burning mechanism has resulted in the destruction of 410.72 trillion tokens from the initial supply to date, ultimately increasing the coin’s scarcity and potentially impacting its market dynamics in a bullish manner.
Additionally, there has been speculation surrounding the possibility of a SHIB ETF, generating further optimism within the global crypto community.
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Marketing Lead Optimisms
Lucie, Shiba Inu’s marketing lead, has expressed optimism about the potential for a Shiba Inu exchange-traded product in the future, highlighting the significant benefits of an ETF for the meme-based investment product.
Market Trend and Performance
Despite these developments, SHIB has experienced a 1.85% decline, with a current price of $0.00001616. The token has shown signs of consolidation at the $0.000016 price level since July 9, and the Relative Strength Index (RSI) indicates a neutral market stance for the asset, with the weekly chart showing a 20.87% increase in value. This price movement aligns with the broader market trend.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
