Shiba Inu (SHIB), the Dogecoin rival and popular meme coin, has grabbed headlines again. Today, July 12th, witnessed a staggering surge of nearly 4,000% in its burn rate, raising eyebrows and sparking optimism within the crypto community. This significant increase coincides with ongoing speculation about a potential SHIB exchange-traded fund (ETF). However, despite the burning enthusiasm, the price of SHIB itself remains volatile.
The burn rate hike, as reported by Shibburn, signifies a massive reduction in circulating supply. Over 71 million SHIB tokens were destroyed in the past 24 hours. This burning mechanism effectively reduces the total available SHIB, potentially increasing its scarcity and value according to basic principles of supply and demand. This development has instilled a sense of bullishness among SHIB holders, who anticipate positive ramifications for the meme coin’s future.
Adding fuel to the fire is recent chatter from Shiba Inu’s marketing lead, Lucie, regarding a potential SHIB ETF. According to CoinGape Media, Lucie expressed strong confidence in the possibility of a Shiba Inu ETF product in the future. She further emphasized the potential benefits of such an ETF, further bolstering the sentiment surrounding this meme-based investment option.
However, despite the positive buzz, the price of SHIB hasn’t mirrored the burn rate’s enthusiasm. At the time of writing, SHIB is trading in the red zone, mirroring the broader market trend. The price dipped by 1.85%, settling at around $0.00001616. While the daily chart reflects a slight decline, the weekly view paints a different picture. SHIB boasts a 20.87% upswing in value over the past week, suggesting today’s price movement might simply be a reflection of the overall market direction. Additionally, SHIB has exhibited signs of consolidation around the $0.000016 price point since July 9th. The Relative Strength Index (RSI) currently sits at around 41, indicating a neutral market sentiment for the asset.
In conclusion, today’s events surrounding Shiba Inu present a mixed bag. The phenomenal burn rate increase and potential ETF buzz offer reasons for optimism. However, the current price volatility necessitates a cautious approach. Only time will tell how these developments will ultimately impact the future trajectory of SHIB.
