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Shiba Inu's burn rate has surged over 4000%, coinciding with speculation about a potential SHIB ETF and attracting significant crypto market attention.
SHIB Burn Rate Reaches New Highs
Shiba Inu (SHIB), a leading competitor to Dogecoin, has recently attracted significant interest from the cryptocurrency community.
Coingape reports that the market dynamics of the meme currency have been further refined today, July 12, with a burn rate that surged by over 4000%. Curiously, the increase in the burn rate coincides with speculation of a possible SHIB ETF, which has sparked additional conversations among crypto enthusiasts worldwide.
On the other hand, the meme coin is showing indications of consolidation right now, which is making crypto market participants even more curious.
Supply Reduction Boosts Shiba Inu's Market Potential
Data refined by the tracker Shibburn indicates a tremendous 3988.31% increase in burn rate today. The loss of 71.18 million coins in the last day is the main cause of this increase.
The overall market supply has been decimated by the burn mechanism of the Shiba Inu, and it currently stands at 589.27 trillion coins. The total number of tokens burned from the initial supply is an astounding 410.72 trillion.
Just so you know, when supplies drop, the demand for Shiba Inu rises, creating a bullish component in accordance with the law of supply and demand. Meanwhile, the SHIB burning effort has sparked hope for the future of the meme coin market.
Shiba Inu Marketing Head Teases ETF Potential
At the same time, the meme coin has gained even more support after Lucie, the head of marketing for Shiba Inus, recently created chatter about a possible SHIB ETF. The executive is reportedly quite enthusiastic about an upcoming Shiba Inu exchange-traded vehicle, according to EconoTimes.
She went on to highlight the important advantages of an ETF, which is a positive sign for the investment instrument based on memes.
Nonetheless, SHIB joined the wider market trend today by entering the red zone, as indicated above.
As I typed this, the price of SHIB fell 1.85% to $0.00001616. It had a low of $0.00001596 and a high of $0.00001698 in the span of 24 hours.
Nevertheless, there is a 20.87% increase in value on the weekly chart, suggesting that today's price decline is consistent with the overall market trend.
