Shiba Inu (SHIB) has maintained the uptick in its burn rate metric just as the Ethereum ETF launch announcement dominated the broader crypto market. It remains unclear whether or not this burn rate is a transfer from earlier in the week; however, jumping by 482% in 24 hours has rebooted hidden sentiments about the meme coin.

Shiba Inu burn rate and implications

Per the data from Shibburn, the burnt tokens come in at 60,380,203 SHIB, effectively reducing the total tokens sent to dead wallets to date. Amid the erratic nature of the burn rate, the tokens burnt over the trailing seven-day period also come in at 135,026,217 SHIB.

HOURLY SHIB UPDATE$SHIB Price: $0.0000172 (1hr 0.00% ▼ | 24hr -3.06% ▼ )Market Cap: $10,146,817,026 (-2.93% ▼)Total Supply: 589,272,293,531,457TOKENS BURNTPast 24Hrs: 60,380,203 (482.88% ▲)Past 7 Days: 135,026,217 (27.66% ▲)

— Shibburn (@shibburn) July 23, 2024

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At least five different wallet addresses featured prominently in this latest burning round. Each of the wallets, according to Shibburn, dropped at least 9,999,999 SHIB into dead wallets.

To date, the Shiba Inu ecosystem has burnt a total of 410,727,706,468,542 SHIB, with exactly 583,377,438,955,666 SHIB left in circulation. Ideally, when tokens are burnt, they effectively reduce the amount of the asset in circulation, helping to drive scarcity.

This scarcity is the basis for price growth, an economic fact that is yet to materialize on the market.

SHIB price's defiance

Unlike what is generally expected, the price of Shiba Inu is moving in contrast to market expectations. At the time of writing, the coin has dropped by 2.68% in 24 hours to $0.0000172. This slump has further derailed it from its immediate or short-term target of $0.00002.

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However, the spot Ethereum ETF is set to go live for trading today, and this might help reverse the negative sentiment on the market. Drawing on that, Shiba Inu might pare off the losses from both the last seven days and the past month.

Beyond the ETF hype, the uptick in other metrics like net flows might help make this happen.