One of the most famous memecoin, Shiba Inu (SHIB) incinerated, reported a staggering 2814% surge in burn rate, adding to the excitement within the community amid discussions about a potential SHIB ETF.
The surge in token burning, despite SHIB’s price decline, is notable for reducing SHIB’s overall supply, potentially boosting its value, with the community collectively burning 7.9 million SHIB tokens as the burn rate skyrocketed by 2814.625% in the past 24 hours.
Two wallet addresses made significant contributions to this spike. The first address transferred 5.35 million SHIB tokens to a dead wallet in two transactions, while another address moved 1.53 million SHIB coins similarly. These actions, along with smaller burns by other community members, led to a cumulative burn of 410.72 trillion SHIB tokens.
Lucie, Shiba Inu’s marketing head, discussed the potential SHIB ETF, acknowledging doubts about institutional recognition of SHIB’s significance. She expressed hope that major financial entities like BlackRock would understand SHIB’s potential impact.
As for SHIB’s price outlook, it currently faces resistance at $0.000025. Breaking this level could lead to short-term gains reaching $0.00003 and potentially $0.00005. However, the coin is far from its peak of $0.00008845, and the market trend remains bearish.
Despite a 2.90% drop to $0.00002238, SHIB’s 24-hour trading volume surged by 43.05% to $627.17 million, possibly due to increased selloffs. However, $561,870 worth of SHIB long liquidations were observed, which might continue to pressure prices downward.
While the rapid burn rate and ETF discussions are generating excitement, SHIB’s price recovery remains uncertain. It must surpass $0.000025 to aim for higher targets, emphasizing the current volatility in the cryptocurrency market.
The significant surge in SHIB token incineration reflects a strong community commitment to reducing its supply, potentially increasing its value despite price declines, fueling anticipation for a SHIB ETF, and demonstrating robust investor sentiment.
