Shiba Inu's (SHIB) burn rate has surged by nearly 4000% today, stirring excitement amidst the buzz surrounding a potential SHIB ETF. Despite this, the price is currently experiencing volatility.
SHIB Burn Rate Spikes 4000%, Shiba Inu ETF Optimism Persists
As of July 12, the meme coin has attracted significant attention in the crypto world. Shiba Inu's burn rate has increased by approximately 4000%, refining its market dynamics. This notable spike comes amid speculation about a potential SHIB ETF, igniting further discussions within the global crypto community. However, the coin is showing signs of consolidation, adding another layer of intrigue for market participants.
According to data from the tracker Shibburn, today's burn rate surged by a staggering 3988.31%, primarily due to the destruction of 71.18 million coins in the past 24 hours. Shiba Inu's burn mechanism reduces the total market supply, which now stands at 589.27 trillion coins. To date, an impressive 410.72 trillion tokens have been burned from the initial supply.
This reduction in supply increases Shiba Inu’s scarcity, aligning with the law of supply and demand, which could be a bullish factor for the coin. The SHIB burning initiative has generated optimism for the meme coin's future market dynamics.
In parallel, a recent buzz generated by Shiba Inu’s marketing lead, Lucie, about a potential SHIB ETF has fueled additional optimism. CoinGape Media reported that Lucie is highly bullish on the future of a Shiba Inu exchange-traded product. She highlighted the potential benefits of an ETF, further bolstering the positive sentiment toward this meme-based investment product.
SHIB Price Experiences Volatility
Despite the positive news, SHIB's price has entered the red zone, reflecting broader market trends. At the time of writing, SHIB’s price has slipped by 1.85%, settling at $0.00001616. The 24-hour low and high were $0.00001596 and $0.00001698, respectively.
The weekly chart, however, shows a 20.87% increase in value, suggesting that today’s price dip aligns with the broader market trend. The token has been consolidating around the $0.000016 price mark since July 9. Additionally, the Relative Strength Index (RSI) is hovering around 41, indicating a neutral market stance for the asset.
In conclusion, while the SHIB burn rate surge and the potential ETF news are promising, the current market volatility suggests a cautious approach. Market participants will be closely watching how these developments unfold in the coming days.
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