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SHIB Burn Soars 4,000% Amid Shiba Inu ETF Buzz
Dogecoin’s main rival, Shiba Inu (SHIB), has garnered notable attention across the crypto landscape. With a roughly 4000% increase in its burn rate today, July 12, the meme coin has continued to refine its market dynamics. Interestingly, the spike in burn rate comes amid potential SHIB ETF buzz, sparking further discussions across the global crypto community.
However, the meme coin is currently showing signs of consolidation, adding a layer of intrigue among cryptocurrency market participants.
Burn rate peaks at 4000%, SHIB ETF optimism persists
According to data simplified by the tracker ShibburnA staggering 3988.31% increase in the burn rate was recorded today. This spike is mainly attributable to the destruction of 71.18 million coins in the last 24 hours.
Shiba Inu’s burn mechanism kills the total market supply, which now stands at 589.27 trillion coins. Notably, a whopping 410.72 trillion tokens have been burned from the initial supply to date.
To put this into context, as supply is reached, the scarcity of Shiba Inu increases, acting as a bullish factor that obeys the law of supply and demand. The SHIB burning venture, in turn, has generated optimism for the future dynamics of the meme coin market.
Meanwhile, a recent buzz curated by Shiba Inu’s marketing lead Lucie about a potential SHIB ETF has generated additional optimism regarding the meme coin. CoinGape Media reported that the executive is highly optimistic about a Shiba Inu exchange-traded product in the future. She also drew attention to the vital benefits of an ETF, further portraying the bullish factors for the meme-based investment product.
However, as mentioned above, SHIB has entered the red zone today, aligning with the broader market trend.
Read too: German government now has just 9,094 bitcoins to sell; has it hit rock bottom?
SHIB Price Slippages
When writing, SHIB Price fell 1.85% to settle at $0.00001616. Its 24-hour lows and highs were $0.00001596 and $0.00001698, respectively.
However, the weekly chart shows a 20.87% increase in value, suggesting that today’s price drop is in line with the broader market trend. Furthermore, the token has shown signs of consolidation at the $0.000016 price mark since July 9. Furthermore, RSI moved over 41, suggesting a neutral market position for the asset.
Read too: Cryptocurrency Prices Today July 12: BTC Fluxes Near 57K, Altcoins Show Mixed Signals