Shiba Inu Burn Rate Explodes, Is SHIB Price Revival Possible amid ETF Talks?

by

As a researcher with experience in the crypto space, I find the recent developments surrounding Shiba Inu (SHIB) quite intriguing. While the market is experiencing selling pressure, on-chain data suggests growing strength for SHIB. The significant increase in the burn rate and transactions on its Layer 2 blockchain platform, Shibarium, indicate potential scarcity enhancement and increasing demand.

Despite the selling pressure affecting Shiba Inu (SHIB) and the wider crypto market, recent on-chain activities suggest that the altcoin is gaining strength. Specifically, there has been a substantial increase in SHIB/USD burn rate within the last 24 hours, accompanied by an uptick in transactions on its Layer 2 blockchain platform Shibarium.

According to Shibburn’s data, approximately 7.7 million SHIB tokens have been burned, representing a remarkable surge of over 13,458.99%. Burning is the process of sending cryptocurrency tokens to an unreachable wallet address, thereby eliminating their presence in circulation.

One way to rephrase this in clear and conversational language is: “This approach intends to amplify scarcity, which could lead to heightened demand and a higher market worth for the token. Currently, about 410.72 trillion SHIB tokens have been destroyed.”

The significant rise in SHIB token burns mirrors an impressive surge in transaction numbers on the Shibarium blockchain. Over the past 24 hours, there has been a noteworthy 45% increase in transactions processed on this network. Normally, heightened transaction activity results in a higher burn rate for the token.

As an analyst examining the latest trends in the cryptocurrency market, I’ve noticed some intriguing findings based on data from IntoTheBlock. Specifically, there has been a noteworthy 28% increase in daily active addresses, suggesting heightened on-chain activity. However, despite these encouraging signs, there is a noticeable selling pressure present within the market. This pressure is evidenced by a substantial drop of 52% in transaction volumes and a marginal decrease of 0.02% in long-term investor holdings.

Shiba Inu Community Demands ETF

The Shiba Inu community is putting significant effort into collecting the remaining 300 signatures needed to reach the goal of 10,000 signatures for the ETF petition.

The petition currently holds 9,717 signatures, just 283 signatures shy of reaching the significant threshold of 10,000. Originally, we targeted collecting 1,000 signatures by February 26; however, our goal has been surpassed as the community’s support has been stronger than anticipated. In the past week, an impressive 140 new individuals have joined this cause.

Lately, there’s been a significant increase in signatures on the petition due to the strong advocacy led by SHIB BPP and other community members. Ever since its creation, SHIB BPP and its followers have put in considerable effort to persuade people to add their names to the petition aimed at Grayscale Investments CEO, Michael Sonnenshein.

At this moment, Shiba Inu (SHIB) is currently priced at $0.00002235, representing a 2.33% decrease from its previous value. The total market capitalization for SHIB stands at an impressive $13.17 billion. Notably, the daily trading volumes have experienced a significant increase of approximately 33%, reaching a volume of $619.2 million.

Read More

2024-06-11 11:48