Token

Burn

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 November’s breakout DEX token $ETHETF is rapidly approaching the 21% of total supply burn target, with 1,000,000 tokens burned today alone, as markets flip bullish – don’t miss out.
 ETH ETF token is again making waves in DEX markets, as another 1,000,000 $ETHETF tokens are burned (representing 1% of total supply). The burn can be tracked on Etherscan here.
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 This burn is the latest amid an ongoing dynamic burn mechanism, aiming to reduce ETH ETF token supply by 21M tokens (or around 21% of supply).
 With the number of manually burned ETHETF tokens now standing at 14,000,000, atop a further 6,000,000 burned via the 2% buy tax, a total of 20,000,000 $ETHETF (valued at over $200k) has been removed from the total supply (equating to a 20% reduction).
 Now, drawn in by the reduced supply, new investors are racing to take a position in what is being called the best deflationary altcoin of 2023.
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 Amazing news, #ETHETF community! 🙌 We have now burned over 20% of the total $ETHETF supply! 🔥 This landmark milestone signifies a strong commitment to reducing supply and increasing value for our community.https://t.co/XxhnOWqsRT Stay tuned for more! 🚀#Web3 #ETH #Crypto pic.twitter.com/tNdNPfpk9R— EthereumETF_Token (@ETHETFToken) November 29, 2023
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 <h2 id="decoding-ethetf-s-major-burn-event-understanding-the-mechanics-of-eth-etf-s-burn-process">Decoding $ETHETF’s Major Burn Event: Understanding The Mechanics Of ETH ETF’s Burn Process</h2>
 Following a sensational stealth launch, which saw $ETHETF skyrocket +218% in the first 48 hours of trading, ETH ETF token introduced&nbsp;a token burn program on November 16.
 The burning mechanism aimed to reduce token supply by 21% (a tip of the hat to Bitcoin’s 21M supply).
 Burn mechanisms send tokens to a null address on the blockchain with nothing but a receive function, eliminating the tokens from the circulating supply.
 This induces a deflationary effect on tokenomics, with a supply-side reduction resulting in significant price accrual.
 <h2 id="ethetf-price-review-could-the-ethetf-token-be-gearing-up-for-a-recovery-surge-post-burn">$ETHETF Price Review: Could The ETHETF Token Be Gearing Up For A Recovery Surge Post Burn?</h2>
 Following localized retracement after a skyrocket launch, $ETHETF is trading at a market price of $0.01030 (representing a 24-hour change of -5.89%).
 Upside momentum has resumed over the past week, with price action seeing $ETHETF cement a +27% gain after support was established at $0.008.
 Despite a -48% retracement from an all-time high of $0.015, $ETHETF now appears poised in a well-defended bullish pendant pattern, with price action coiling up for a major move to the upside.
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 This comes as market confidence returns to the chart, as seen in the steady growth in the number of token holders, which pushed to 751 today, a 50% growth in just two weeks.
 Yet, despite the impressive growth in bag-holders, $ETHETF remains a remarkably low cap proposition – at just $831k.
 Similar DEX-launched meme coins regularly reach $5M market caps, suggesting that $ETHETF could undertake as much as a 6X return from current levels.
 Overall, this leaves $ETHETF extremely well-positioned, as any major news event around Ethereum ETFs could trigger a major influx of volume.
 Furthermore, in a signal of commitment from the project’s development team, more than $500k of liquidity has been locked – adding extra reassurance to the mid-term play.
 <h2 id="h-fidelity-files-for-ethereum-spot-etf-next-big-price-mover" class="wp-block-heading">Fidelity Submits Application For Ethereum Spot ETF – Next Major Price Catalyst?</h2>
 In the start of a potential catalyst event for an $ETHETF breakout, asset management giant Fidelity has submitted 19b-4 paperwork to launch an Ethereum Spot ETF on US markets.
 The Fidelity Ethereum fund would be listed on an exchange owned by Cboe Global Markets. However, in a unique move, Fidelity has boldly acted as its own custodian.
 This bucks a trend of using Coinbase, poised to become the custodian for 68% of Ethereum Spot ETFs.
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 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 #Coinbase is the custodian of 13 of the 19 spot crypto #ETFs 🚨🤔🧐👏💪💯🚀❤️‍🔥💹📈🚨#Bitcoin #Ethereum #TVL #Binance #Bingx #airdrops #Metaverse #Citadel #BlackRock #Fidelity #Dogecoin #Polygon #WLD #Solana #Forge #NFTs #shibainu #Base #Xrp #Web3 #Monero pic.twitter.com/nsTOPiFoOh— Sergio Devidson (@SergioDevidson) November 28, 2023
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 <span style="background-color: var(--bs-body-bg);color: var(--bs-body-color);font-family: var(--bs-body-font-family);font-size: var(--bs-body-font-size);font-weight: var(--bs-body-font-weight);text-align: var(--bs-body-text-align)">Meanwhile, a report by CryptoQuant has identified a sudden increase in the Ethereum holdings of major financial institutions in November, with ETH emerging as a favored digital asset amongst investors due to trust, fund, and ETF offerings.
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 So, with a backdrop of market excitement surrounding Fidelity’s Ethereum Spot ETF and institutions working towards accumulation, there has never been a better time to invest in $ETHETF – don’t miss out.
 Buy ETH ETF Token Here
 Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/burn-update-dex-token-ethetf-rallies-26-as-market-turns-bullish-following-21-reduction-in-supply-tbt72101.html">https://thebittimes.com/burn-update-dex-token-ethetf-rallies-26-as-market-turns-bullish-following-21-reduction-in-supply-tbt72101.html</a>
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Burn Update: DEX Token $ETHETF Rallies 26% As Market Turns Bullish Following 21% Reduction in Supply

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