According to U.Today, the popular tracking platform Shibburn has reported a significant increase in the Shiba Inu (SHIB) burn rate within a single hour, nearly pushing the indicator out of the red zone. Over 40 million SHIB were destroyed in that hour, adding to the more than 10 million burned earlier in the day, totaling 57.4 million SHIB removed from circulation. This surge in burn rate brought it closer to the green area, with less than 5% remaining to reach that threshold.
The first tweet from Shibburn indicated that 17,158,090 SHIB were burned in the past 24 hours, with a burn rate of -71.58%. An hour later, a subsequent tweet showed an additional 40.3 million SHIB burned, raising the total to 57,468,719 SHIB and improving the burn rate to -4.82%. The weekly burn figures also saw a notable increase, jumping from 151,284,368 SHIB (with a burn rate of 91.71%) to 191,594,996 SHIB (with the burn metric soaring to 142.79%). The largest burn transaction recorded today involved 39,060,373 SHIB sent to an unspendable blockchain wallet.
Earlier this week, Shiba Inu marketing expert Lucie predicted the arrival of an altcoin season. She shared this forecast while posting a video advertisement by BlackRock for its spot Ethereum ETF. Lucie believes that the trading of Ethereum ETFs will usher in an altcoin season, benefiting many altcoin holders, including the SHIB community. The first trading day for spot Ethereum ETFs saw a trading volume exceeding $1 billion, with BlackRock’s ETHA ETF absorbing $266.5 million in inflows and Bitwise ETHW ETF attracting $204 million. These ETFs experienced the largest daily inflows to date.
However, Bitcoin maximalists have criticized Ethereum and its spot price-based ETFs. Notable figures such as Max Keiser, Samson Mow, and Anthony Pompliano have expressed skepticism. Keiser argues that while spot Bitcoin ETFs have enhanced Bitcoin’s appeal as digital gold, Ethereum ETFs may diminish ETH's attractiveness to investors. JAN3 CEO Mow noted that Ethereum's price showed little reaction to the impending ETF launch.
