SHIB Burn Skyrockets 4000% Amid Shiba Inu ETF Buzz !!

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Dogecoin’s prominent rival, Shiba Inu (SHIB), has garnered noteworthy attention across the crypto landscape. With an approximately 4000% surge in the SHIB burn rate today, July 12, the meme coin has continued to refine its market dynamics. Intriguingly, the spike in the burn rate comes amid a potential SHIB ETF buzz, sparking further discussions across the global crypto community.

However, the meme coin currently illustrates signs of consolidation, adding a layer of intrigue among crypto market participants.

As per data streamlined by the tracker Shibburn, a staggering 3988.31% burn rate surge was recorded today. This upswing is primarily attributable to the destruction of 71.18 million coins in the past 24 hours. Shiba Inu’s burn mechanism kills the total market supply, which now rests at 589.27 trillion coins. Notably, a whopping 410.72 trillion tokens have been burnt from the initial supply to date.

For context, as the supply takes a hit, Shiba Inu’s scarcity increases, staging as a bullish factor abiding by the law of supply and demand. The SHIB burning venture, in turn, has generated optimism for the meme coin’s future market dynamics.

has garnered additional optimism toward the meme coin. CoinGape Media reported the executive to be highly bullish on a Shiba Inu exchange-traded product in the future. She also drew attention to the vital benefits of an ETF, further staging as bullish factors for the meme-based investment product.

However, as mentioned above, SHIB entered the red zone today, aligning with the broader market trend.

While writing, SHIB’s price slipped 1.85% to rest at $0.00001616. Its 24-hour lows and highs were $0.00001596 and $0.00001698, respectively.

However, the weekly chart shows a 20.87% upswing in value, hinting today’s price fall is in line with the broader market trend. Besides, the token has shown signs of consolidation at the $0.000016 price mark since July 9.