{"id":342798,"date":"2024-07-12T13:13:39","date_gmt":"2024-07-12T07:43:39","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=342798"},"modified":"2024-07-12T13:13:39","modified_gmt":"2024-07-12T07:43:39","slug":"shib-burn-skyrockets-4000-amid-shiba-inu-etf-buzz-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/shib-burn-skyrockets-4000-amid-shiba-inu-etf-buzz-crypto-news\/","title":{"rendered":"SHIB Burn Skyrockets 4000% Amid Shiba Inu ETF Buzz – Crypto News"},"content":{"rendered":"

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Dogecoin\u2019s prominent rival, Shiba Inu (SHIB), has garnered noteworthy attention across the crypto landscape. With an approximately 4000% surge in its 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.<\/p>\n

However, the meme coin currently illustrates signs of consolidation, adding a layer of intrigue among crypto market participants.<\/p>\n

<\/p>\n

Burn Rate Spikes 4000%, SHIB ETF Optimism Persists<\/h2>\n

As per data streamlined by the tracker 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.<\/p>\n

\"SHIB<\/p>\n

Shiba Inu\u2019s 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.<\/p>\n

<\/p>\n

For context, as the supply takes a hit, Shiba Inu\u2019s 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\u2019s future market dynamics.<\/p>\n

<\/p>\n

Meanwhile, a recent buzz curated by Shiba Inu\u2019s marketing lead Lucie on a potential 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.<\/p>\n

However, as mentioned above, SHIB entered the red zone today, aligning with the broader market trend.<\/p>\n

Also Read: German Govt. Now Only Has 9,094 Bitcoins To Sell; Is the Bottom in?<\/a><\/strong><\/p>\n

SHIB Price Slips<\/h2>\n

<\/p>\n

While writing, SHIB\u2019s price<\/a> slipped 1.85% to rest at $0.00001616. Its 24-hour lows and highs were $0.00001596 and $0.00001698, respectively.<\/p>\n

However, the weekly chart shows a 20.87% upswing in value, hinting today\u2019s 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 RSI<\/a> moved along 41, hinting at a neutral market stance for the asset.<\/p>\n

Also Read: Crypto Prices Today July 12: BTC Fluxes Near 57K, Altcoins Display Mixed Signals<\/a><\/strong><\/p>\n

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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Dogecoin\u2019s prominent rival, Shiba Inu (SHIB), has garnered noteworthy attention across the crypto landscape. With an approximately 4000% surge in its 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 […]<\/p>\n","protected":false},"author":2,"featured_media":157269,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-342798","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/342798","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=342798"}],"version-history":[{"count":3,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/342798\/revisions"}],"predecessor-version":[{"id":342803,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/342798\/revisions\/342803"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/157269"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=342798"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=342798"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=342798"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}