Shiba Inu (SHIB) Remains Ahead, Burn Rate Spikes 482%
As Ethereum ETF announcements dominate the entire cryptocurrency market, Shiba Inu (SHIB)’s burn rate metric has maintained an upward trend. 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, leaving exactly 583,377,438,955,666 SHIB in circulation. Ideally, burning tokens can effectively reduce the number of assets in circulation, helping to reduce scarcity.
This scarcity is the basis for price increases, an economic fact that has not yet been realized in the market.
Challenges for SHIB Prices Contrary to popular expectations, the price movement of Shiba Inu coin has gone in the opposite direction of market expectations. As of the time of writing, the token has fallen 2.68% in 24 hours to $0.0000172. The plunge has further deviated from its immediate or short-term target of $0.00002.
However, the spot Ethereum ETF will begin trading today, which may help reverse the negative market sentiment. With this, Shiba Inu may be able to recover the losses of the past seven days and the past month. In addition to the ETF hype, rising other metrics such as net flows may also help achieve this goal.
