The Shiba Inu (SHIB) cryptocurrency community has intensified its token burning efforts, resulting in a remarkable 2814% increase in the burn rate over the past 24 hours. This surge in token destruction coincides with discussions about a potential SHIB Exchange Traded Fund (ETF) and despite the ongoing decline in SHIB's market price.

Rise in Token Burns

According to Shibburn, a platform that tracks SHIB token burning, approximately 7.9 million tokens were destroyed in various transactions on June 11. The Shiba Inu community played a significant role in this process, with two wallet addresses burning large amounts of SHIB tokens. The combined efforts of the community resulted in a total of 410.72 trillion burned tokens.

ETF Discussions

The increased burn rate follows comments by SHIB's marketing leader, Lucie, regarding the potential for a SHIB ETF. While this news sparked interest among SHIB supporters, Lucie expressed uncertainty about whether institutional investors would recognize SHIB's value. Despite this, the community remains hopeful that large financial institutions like BlackRock will eventually see the potential in Shiba Inu.

Price Outlook

Despite the increased burn rate and ETF discussions, SHIB's price continues to decline. To reverse this trend, SHIB needs to surpass the critical resistance level of $0.000025, which could lead to short-term gains of $0.00003 and $0.00005. However, achieving and maintaining these levels is crucial for a more ambitious target of $0.0001. Currently, SHIB's price remains far from its all-time high of $0.00008845.

Conclusion

The significant increase in SHIB token burning demonstrates the community's commitment to reducing the total circulating supply. While ETF discussions bring hope, the prevailing downward trend poses a significant challenge. As the market continues to evolve, the Shiba Inu community remains dedicated to promoting the cryptocurrency's value.