As Ethereum ETF announcements dominate the cryptocurrency market, Shiba Inu (SHIB)’s burn rate indicator has continued to trend upward. It is unclear whether this burn rate is consistent with the burn rate seen earlier this week; however, a 482% increase in 24 hours has rekindled hidden sentiment for the meme token.
Shiba Inu's Burn Rate and Impact
According to Shibburn data, the number of tokens destroyed was 60,380,203 SHIB, effectively reducing the total amount of tokens sent to dead wallets to date. With the unstable destruction rate, the number of tokens destroyed in the past seven days also reached 135,026,217 SHIB.
At least five different wallet addresses stood out in the latest round of destruction. According to Shibburn, each wallet put at least 9,999,999 SHIB into the dead wallets.
So far, the Shiba Inu ecosystem has destroyed a total of 410,727,706,468,542 SHIBs, and the remaining SHIBs in circulation are exactly 583,377,438,955,666. Ideally, burning tokens can effectively reduce the number of assets in circulation and help reduce scarcity.
This scarcity is the basis for price increases, an economic fact that has yet to be realized in the market.
SHIB Price Challenges Contrary to popular expectations, Shiba Inu Coin’s price movement went against market expectations. As of the time of writing, the coin has fallen 2.68% in 24 hours to $0.0000172. The plunge further deviated from its immediate or short-term target of $0.00002.
However, the spot Ethereum ETF will begin trading today, which may help reverse the negative market sentiment. With this, Shiba Inu may recover the losses of the past seven days and the past month. In addition to the ETF hype, the rise of other indicators such as net flows may also help achieve this goal.
