In a striking turn of events, the Shiba Inu (SHIB) token burn rate has surged by an astonishing 2,955% within the last 24 hours. This spike comes amid recent comments from Lucie, Shiba Inu's marketing lead, about the potential for a SHIB exchange-traded fund (ETF). Despite this significant burn rate increase, SHIB's price has continued to decline, showing no immediate signs of recovery.
Shiba Inu Burn Rate Soars Amid SHIB ETF Talks
The recent spike in the burn rate of SHIB tokens occurred during a period of downward price action for the token. The burn rate, tracked by the platform Shibburn, escalated by an impressive 2,955.25% on Tuesday, June 11. This increase has resulted in the incineration of a significant amount of SHIB tokens, theoretically reducing the overall supply and potentially increasing the token's value over time.
During the past 24 hours, the Shiba Inu community collectively burned a total of 7.47 million SHIB tokens across multiple transactions. Notably, two wallet addresses were prominent during this period. The first wallet, 0x608…, transferred 5.35 million SHIB tokens to a dead wallet through two transactions. Another wallet, 0xc66…, moved 1.53 million SHIB tokens to a dead wallet. Additionally, various other community members contributed to smaller token burns, driving the cumulative burned amount to an impressive total of 410.72 trillion SHIB tokens.
Excitement Over SHIB ETF
The dramatic increase in the burn rate coincides with growing discussions around a potential SHIB ETF. Lucie, Shiba Inu’s marketing head, recently commented on the possibility of such an ETF, which has sparked considerable interest among the Shiba Inu community. The approval of Spot Ethereum ETFs has fueled hopes for similar developments for SHIB.
Lucie expressed skepticism about whether institutional investors would recognize the significance of Shiba Inu, stating, “I honestly don’t know if institutions will understand how important SHIB is to people and their future finances.” Despite this uncertainty, she remains hopeful that major financial entities, such as BlackRock, will eventually appreciate Shiba Inu's potential. “I wish BlackRock would understand the magic and power of SHIB, but let’s see how visionary they are,” Lucie added.
Will SHIB Price Rebound?
Currently, Shiba Inu has struggled to maintain a position above the critical resistance level of $0.000025. Previous reports suggest that if SHIB's price can surpass this threshold, it could potentially rise to $0.00003 in the short term and possibly reach $0.00005. Sustaining this level could even drive SHIB toward the ambitious target of $0.0001. However, SHIB is still far from its all-time high of $0.00008845. To achieve such ambitious targets, the price must first recover above $0.000025.
This potential recovery might be fueled by the rapid burn rate and the excitement surrounding the SHIB ETF, but there are no guarantees. As of the latest update, SHIB's price has fallen by 3.45% to $0.00002249, while its market cap stands at $13.25 billion.
Contrarily, SHIB's 24-hour trading volume has surged by 43.05% to $627.17 million, potentially due to increased selloffs. Data from Coinglass shows $561,870 worth of SHIB long liquidations, which could exert further downward pressure on prices.
As the Shiba Inu community continues to engage in token burns and ETF discussions, the coming days will be critical in determining whether SHIB can overcome its bearish trend and achieve a significant price recovery.
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