Shiba Inu Token Burn Soars by 2955%: What’s Behind the Crypto Surge?

Shiba Inu Token Burn Soars by 2955%: What's Behind the Crypto Surge?

The Shiba Inu (SHIB) token burn rate has skyrocketed by an impressive 2955%, drawing attention from the crypto community. This dramatic increase in token burning has occurred during a period of SHIB price decline, demonstrating the community’s ability to boost the token’s value by reducing its circulating supply.

Community Rallies to Burn 7.47M SHIB Tokens

The Shiba Inu community has burnt 7,470,000 SHIB tokens in the past 24 hours, achieved through three separate transactions. Two wallet addresses stood out: 0x608… transferred 5.35 million SHIB tokens, and 0xc66… moved 1.53 million SHIB coins to the dead wallet. Additionally, other members working on the Shiba Inu project have performed several other token burns, bringing the total to 410.72 trillion SHIB tokens.

SHIB ETF Petition Gains Traction

Inspired by the recent approval of the Ethereum Spot ETF, the Shiba Inu community has been pushing for a similar product associated with SHIB tokens. A rapidly growing petition, now with over 10,000 signatures, calls for Grayscale, one of the largest crypto ETF producers, to launch a SHIB ETF. This reflects the community’s enthusiasm and belief in the potential of a SHIB-based exchange-traded fund.

Shiba Inu Head of Marketing Expresses Doubts

However, Lucie, the head of marketing at Shiba Inu, has expressed doubts about whether institutional investors will recognize the importance of the meme token. This statement has added a layer of uncertainty to the community’s aspirations for a SHIB ETF.

Price Volatility and Market Challenges

Despite the surge in token burning, the SHIB price has dropped by 1.22% in the past 24 hours, reaching $0.00002191. The meme coin’s market capitalization stands at $12.9 billion, and its 24-hour trading volume has increased by 30.21% to $810 billion, likely due to a spike in selling. Additionally, SHIB has faced $561,870 in long liquidations, putting further downward pressure on the price.

Nonetheless, the Shiba Inu community’s enthusiasm and the potential for a SHIB ETF suggest a positive path forward for the cryptocurrency. While market volatility and regulatory challenges exist, the strong community commitment reflected in the massive token burn rate indicates a promising future for SHIB in the crypto world.

Read Also: Shiba Inu Token Burn Rate Surges by 2814%

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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