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SHIB Skyrockets by Massive 15,654% in Crucial Metric as Price Surge Fails

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Mon, 10/06/2024 - 15:08
SHIB Skyrockets by Massive 15,654% in Crucial Metric as Price Surge Fails
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Shibburn shared recent data that shows astounding growth in one of the key SHIB metrics – the burn rate. Since last morning, it has suddenly skyrocketed.

Meanwhile, a SHIB team executive has shared her take on the potential launch of SHIB ETF in the future. In the meantime, SHIB has failed to recover after a recent price decline.

Shib burn rate explodes

The aforementioned platform, Shibburn, tracks SHIB transactions made to dead-end wallets on Etherscan and then accumulates them on its own website for the Shiba Inu community.

After the latest update, the web page showed that over the last 24 hours, the SHIB army has succeeded in raising the SHIB burn rate by a whopping 15,654%. Still, there is a catch here, since the amount of meme coins that have been transferred to unspendable blockchain wallets totals merely 1,752,654 SHIB.

The shibburn rate skyrockets
Image via Twitter/X

It has taken five transactions to remove this amount of meme coins from the circulating supply. The largest one carried 1,031,814 SHIB to an “inferno” wallet. The second biggest one moved 449,369 SHIB to the same destination to be locked there forever.

Related

Is SHIB ETF from BlackRock likely?

The official social media marketing lead of the SHIB team, Lucie, has published a post on the popular X platform to share her take on the prospects of a SHIB-based exchange-traded fund (ETF) emerging in the near future.

In her tweet, Lucie suggested that in order for a SHIB-based futures or spot ETF to be launched, financial institutions need to understand “how important SHIB is to people and their future finances.” In particular, the marketing lead mentioned BlackRock (tagging it in her tweet), sharing hope for this leading investment giant to gradually understand “the magic and power of SHIB” and suggested that the community watches them to “see how visionary they are.”

However, Lucie underscored that for the SHIB team the most important thing so far is to “grow and stick to our initial vision.” She explained that they intend to “build something significant,” admitting that “it might not be entirely original” but it will be “significant for the future of decentralized finance.” Lucie added: “It’s for the people and for freedom of choice. No matter who you are – from housekeeping to top management.”

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