ETF talks boost Shiba Inu burn rate by 3,000%

Dips continue to happen across the Shiba Inu ecosystem. However, the market is increasingly paying attention to these dips. There are two reasons behind this: a massive spike in burn rate and discussions about ETFs. As the rate spiked to 2,955%, the community burned 7.5 million. This number was observed on June 11, 2024.

Many speculate that the burn rate was necessary to regulate the token’s price. Incinerating a token essentially brings down the supply, thereby making it rare and expensive. Nonetheless, the price is down by 4.82% in the last 24 hours and 6.48% in the last 7 days. SHIB is exchanging hands at $0.00002214 at the time of writing this article.

The recent incineration of SHIB tokens is credited to two wallets that were seen transferring tokens to a dead wallet. The first wallet transferred 5.35 million SHIB tokens in two separate transactions, while another wallet transferred 1.53 million SHIB tokens to the dead wallet. Efforts like these have led to the burning of a total of 410.72 trillion tokens.

The prevailing dip has triggered bearish sentiments on a broader level. It is further evidenced by the fact that there have only been 40% green trades in the last 30 days. The only surge seen is a 35.27% increase in 24-hour trading volume at press time. The market cap has dipped by 4.81%.

Another factor that has attracted attention to SHIB is Lucie’s discussion about having an ETF for Shiba Inu. Shiba Inu’s marketing head, Lucie, took the stage to discuss the topic. Such speculation stems from optimistic sentiments regarding the Spot Ether ETF’s approval. They are yet to be approved by the US Securities & Exchange Commission (SEC). A green light to Form 19b-4 has, by the looks of it, instilled a sense of positivity among crypto enthusiasts.

Lucie has said that they are hopeful about having the likes of BlackRock on board for the Shiba Inu ETF. There are no official comments from any fund management firm on this issue.

The current condition has forced SHIB holders to wonder if the token will bounce back anytime soon. Near-term predictions do show a bull run or a rebound. SHIB is likely to rise to $0.00002922 in the next 5 days and $0.00007358 in the next 30 days. The monthly growth would result in a 227.65% increase from the current value. The 14-day RSI is around 41.31, and volatility is 4.38%. Other technical indicators are the 50-day SMA and the 200-day SMA, both reflecting values of $0.00002443 and $0.00001796, respectively.

The rebound is uncertain and is merely a prediction for SHIB. An actual outcome could go either way, and crypto investors are advised to take caution.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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