Shiba

Burn

Shiba Inu

Dogecoin’s prominent rival, Shiba Inu (SHIB), has garnered noteworthy attention across the crypto landscape. With an approximately 4000% surge in the SHIB burn rate today, July 12, the meme coin has continued to refine its market dynamics. Intriguingly, the spike in the burn rate comes amid a potential SHIB ETF buzz, sparking further discussions across the global crypto community. 
However, the meme coin currently illustrates signs of consolidation, adding a layer of intrigue among crypto market participants. 
<h2 id="shib-burn-rate-spikes-4000-shiba-inu-etf-optimism-persists">SHIB Burn Rate Spikes 4000%, Shiba Inu ETF Optimism Persists</h2> 
As per data streamlined by the tracker <a rel="nofollow" href="https://www.shibburn.com/" target="_blank">Shibburn</a>, a staggering 3988.31% burn rate surge was recorded today. This upswing is primarily attributable to the destruction of 71.18 million coins in the past 24 hours. 
<img decoding="async" class="aligncenter wp-image-207159" src="https://coingape.com/wp-content/uploads/2024/07/SHIB-burn-July-12.png" alt="SHIB burn July 12" width="434" height="383" srcset="https://coingape.com/wp-content/uploads/2024/07/SHIB-burn-July-12.png 426w, https://coingape.com/wp-content/uploads/2024/07/SHIB-burn-July-12-300x265.png 300w, https://coingape.com/wp-content/uploads/2024/07/SHIB-burn-July-12-150x132.png 150w" sizes="(max-width: 434px) 100vw, 434px"> 
Shiba Inu’s burn mechanism kills the total market supply, which now rests at 589.27 trillion coins. Notably, a whopping 410.72 trillion tokens have been burnt from the initial supply to date. 
For context, as the supply takes a hit, Shiba Inu’s scarcity increases, staging as a bullish factor abiding by the law of supply and demand. The SHIB burning venture, in turn, has generated optimism for the meme coin’s future market dynamics. 
Meanwhile, a recent buzz curated by Shiba Inu’s marketing lead Lucie on a potential <a href="https://coingape.com/shiba-inu-team-gives-reasons-why-shib-etf-imminent/" target="_blank" rel="noopener">SHIB ETF</a> has garnered additional optimism toward the meme coin. CoinGape Media reported the executive to be highly bullish on a Shiba Inu exchange-traded product in the future. She also drew attention to the vital benefits of an ETF, further staging as bullish factors for the meme-based investment product. 
However, as mentioned above, SHIB entered the red zone today, aligning with the broader market trend. 
Also Read: <a href="https://coingape.com/german-govt-now-only-has-9094-bitcoins-to-sell-is-the-bottom-in/" target="_blank" rel="noopener">German Govt. Now Only Has 9,094 Bitcoins To Sell; Is the Bottom in?</a> 
<h2 id="shib-price-slips">SHIB Price Slips</h2> 
While writing, <a href="https://coingape.com/price/shiba-inu/" target="_blank" rel="noopener">SHIB’s price</a> slipped 1.85% to rest at $0.00001616. Its 24-hour lows and highs were $0.00001596 and $0.00001698, respectively. 
However, the weekly chart shows a 20.87% upswing in value, hinting today’s price fall is in line with the broader market trend. Besides, the token has shown signs of consolidation at the $0.000016 price mark since July 9. Also, the <a href="https://coingape.com/glossary/rsi-relative-strength-index/" target="_blank" rel="noopener">RSI</a> moved along 41, hinting at a neutral market stance for the asset. 
Also Read: <a href="https://coingape.com/crypto-prices-today-july-12-btc-fluxes-near-57k-altcoins-display-mixed-signals/" target="_blank" rel="noopener">Crypto Prices Today July 12: BTC Fluxes Near 57K, Altcoins Display Mixed Signals</a> 
The post <a href="https://coingape.com/shib-burn-skyrockets-4000-amid-shiba-inu-etf-buzz/">SHIB Burn Skyrockets 4000% Amid Shiba Inu ETF Buzz</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

SHIB Burn Skyrockets 4000% Amid Shiba Inu ETF Buzz

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Coingape News Media

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