As Ethereum ETF announcements dominate the cryptocurrency market, Shiba Inu (SHIB)’s burn rate metric has continued to trend upward. It is unclear whether this burn rate is consistent with the burn rate seen earlier this week; however, a 482% increase in 24 hours has rekindled hidden sentiment for the meme token.

Shiba Inu’s Burn Rate and Impact

According to Shibburn, the number of tokens destroyed was 60,380,203 SHIB, effectively reducing the total amount of tokens sent to dead wallets to date. Amid the volatile burn rate, the number of tokens destroyed in the past seven days also reached 135,026,217 SHIB.

At least five different wallet addresses stood out in the latest round of destruction. According to Shibburn, each wallet sent at least 9,999,999 SHIB to dead wallets.

So far, the Shiba Inu ecosystem has destroyed a total of 410,727,706,468,542 SHIB, and the remaining SHIB in circulation is exactly 583,377,438,955,666. Ideally, burning tokens can effectively reduce the number of assets in circulation and help reduce scarcity.

This scarcity is the basis for price increases, an economic fact that has not yet been realized in the market.

However, the spot Ethereum ETF will begin trading today, which may help reverse the negative market sentiment. With this, Shiba Inu may make up for the losses of the past seven days and the past month. In addition to the hype of the ETF, the rise in other indicators such as net flow may also help achieve this goal.

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