The Shiba Inu (SHIB) meme coin has gained notice in the cryptocurrency community despite the current bearish trend because of a startling rise in its token burn rate. The platform Shibburn, which keeps track of SHIB token incineration, reports that on Tuesday, June 11, the burn rate increased by about 2955%. In addition, the buzz in the community is a result of recent talks about a SHIB ETF.
As SHIB ETF Talks Continue, Shiba Inu Burn Rate Soars
The price of Shiba Inu was declining at the time of this sharp increase in token burning. By decreasing the total amount of SHIB in circulation, the burn rate can increase the token’s worth. Shibburn said the SHIB token burn rate increased by 2955.25% on the last day.
During this period, the Shiba Inu community burned 7.47 million SHIB tokens in various transactions. Two wallet addresses were particularly noticeable among the spike. The first wallet, 0x608…, moved 5.35 million SHIB tokens in two transactions to a dead wallet.
Moreover, 1.53 million SHIB coins were transferred to a dead wallet by another wallet address, 0xc66. To further increase the burn rate, other members of the Shiba Inu community carried out additional smaller token burning. As a result of these efforts, an astonishing 410.72 trillion SHIB tokens have been burned.
Lucie, the head of marketing at Shiba Inu, recently discussed the SHIB ETF. Since the Spot Ethereum ETFs were recently approved, Shiba Inus supporters have shown great interest in the matter.
Lucie said she needed to find out if institutional investors would understand the value of Shiba Inus. “Honestly, I don’t know if institutions will realize how important SHIB is to people and their future financial situation,” she said.
She is nevertheless optimistic that large financial institutions such as BlackRock will eventually recognize Shiba Inus’s potential. “Let’s see how visionary BlackRock is, but I wish they would understand the magic and power of SHIB,” Lucie continued.
Can SHIB Prices Rise Again?
Shiba Inu has not been able to hold a position above the crucial resistance level of $0.000025 yet. In the immediate term, the SHIB price may increase to $0.00003 if it crosses this barrier, per a prior Coingape analysis. Additionally, due to this increasing trend, Shiba Inu’s value could reach $0.00005.
Furthermore, the coin may reach the lofty goal of $0.0001, provided this level is maintained. SHIB has yet quite to surpass its peak of $0.00008845, however. Furthermore, the general trend is rather negative. Hence, the price must first rise beyond $0.000025 to meet such lofty goals.
There are no guarantees, but the fast burn rate and enthusiasm around the Shiba Inu ETF may propel this recovery. At the time of publication, the SHIB price fell 3.45% to $0.00002249 on Tuesday. At the time, the meme coin’s market capitalization was $13.25 billion.
Conversely, SHIB’s 24-hour trading volume increased by 43.05% to $627.17 million, possibly due to a sharp increase in selloffs. According to Coinglass, $561,870 worth of SHIB long liquidations were reported, which can cause prices to drop.
