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SHIB Burn Skyrockets 4000% Amid Shiba Inu ETF Buzz

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9 months ago

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Dogecoin’s 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.

However, the meme coin currently illustrates signs of consolidation, adding a layer of intrigue among crypto market participants.

Burn Rate Spikes 4000%, SHIB ETF Optimism Persists

As per data streamlined by the tracker Shibburn, 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.

SHIB burn July 12SHIB burn July 12

Shiba Inu’s 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.

For context, as the supply takes a hit, Shiba Inu’s 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’s future market dynamics.

Meanwhile, a recent buzz curated by Shiba Inu’s marketing lead Lucie on a potential SHIB ETF 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.

However, as mentioned above, SHIB entered the red zone today, aligning with the broader market trend.

Also Read: German Govt. Now Only Has 9,094 Bitcoins To Sell; Is the Bottom in?

SHIB Price Slips

While writing, SHIB’s price slipped 1.85% to rest at $0.00001616. Its 24-hour lows and highs were $0.00001596 and $0.00001698, respectively.

However, the weekly chart shows a 20.87% upswing in value, hinting today’s 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 moved along 41, hinting at a neutral market stance for the asset.

Also Read: Crypto Prices Today July 12: BTC Fluxes Near 57K, Altcoins Display Mixed Signals

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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.

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.





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Analyst Reveals How High XRP Price Can Go If This Happens

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51 seconds ago

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April 21, 2025

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XRP price seems to be headed for a dramatic turning point, with various analysts citing bullish chart patterns that indicate a probable price spike over the next few months. The fourth-largest crypto is showing a strong technical setup on the 6-month candle chart, with formerly limiting resistance points now eliminated.

XRP Price Displays Eliminated Resistance And Bullish RSI

Technical analyst Dark Defender has posted a tweet that shows a 6-month candle chart indicating these “Eliminated Resistance” levels and a “Bullish RSI” (Relative Strength Index) indicator. The chart indicates that XRP has broken above significant historical resistance levels that previously capped price action.

Several price targets have emerged from analysts tracking the cryptocurrency. The analysts’ projections range from approximately $3.75 to over $18 in the coming months. Despite these bullish technical signals, sentiment indicators remain cautious, and the Fear & Greed Index shows a reading of 39. This places it in the “Fear” category.

The 6-month candle chart for XRP/USD shared by analyst Dark Defender highlights two key technical factors that could support a potential price surge. First, the chart identifies multiple “Eliminated Resistance” levels that XRP has now cleared. This removes previous price ceilings that constrained upward movement in past cycles.

These eliminated resistance zones appear at different points on the historical chart, with the most recent breakthrough occurring in the latest completed candle. According to Dark Defender, this technical development raises an important question for traders: “Is it Bullish or Bearish in the next 6 months?” The analyst indicates that the present candle will close at the end of June 2025, giving the traders a time frame for possible price action.

The second important technical signal highlighted is a “Bullish RSI” reading. The Relative Strength Index, at the lower part of the chart, is shown to be on the rise, moving into bullish levels above the 70 level. This momentum indicator shows increasing buying pressure behind XRP’s recent price action.

XRP Could Soon Hit $5

CryptoBull analyst provides additional technical analysis, labeling the pattern as a massive bullish falling wedge with an even larger bullish triangle encompassing the wicks. The analyst predicts a breakout from the patterns and a target price that could see XRP go as high as $5 before finally landing at a base of $3.85.

There have been suggestions by analysts about specific price targets for XRP in their outlook. Dark Defender shared short-term to medium-term target prices of $3.75, $5.85, and a wildly high target at $18.22.

CryptoBull offered a more detailed price action prediction and indicated that XRP is going to breakout in the near future with price action that can include a wick up to $5 and close around $3.85.

Amidst these modest predictions, certain analysts even predicted the XRP price to reach $280. Another analyst, Captain Faibik, instructed followers to continue purchasing XRP. He further added that the next increase will be “explosive” to the $5 level in the mid-term. Multiple analysts in agreement at the $5 level indicate it might be a key target for traders and investors.

Though analysts are optimistic, the prevailing mood in the market is cautious. CoinCodex indicates their latest forecast predicts that XRP could drop by 8.35% to $1.95 on May 21, 2025. CoinCodex also predicts that XRP had 13 days of gain in the previous 30 days (43%), and price activity has averaged 7.48% in the last 30 days.

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Vignesh Karunanidhi

Vignesh Karunanidhi is a seasoned crypto journalist with nearly 7 years of experience in the cryptocurrency industry. He has contributed to numerous publications, including WatcherGuru, BeInCrypto, Milkroad, and authored over 10,000 articles

Disclaimer: 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.





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OM Price Reacts as MANTRA Announces Major 300M Token Burn Update

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1 hour ago

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April 21, 2025

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OM price has reacted negatively to MANTRA’s new token burn announcement. The team announced a token burn plan that will remove 150 million OM tokens from circulation forever. As per the details, they will plan an additional 150 million token burn which can bring the burn amount to 300 million tokens.

OM Price Slumps After Token Burn Announcement

According to the company’s announcement, CEO and Founder John Patrick Mullin will burn his entire 150 million allocation of team tokens. This was a promise he made to the community last week.

Despite the substantial supply reduction plan, the OM token price has reacted negatively to the news. Data shows that the OM price is down approximately 5% in the last 24 hours and trades at $0.5437. This decline adds to a much steeper drop of 91% over the past 30 days. Amidst this drop, CoinGape analysis talks about the possibility of OM rebounding 50% from its lows.

The token burn process has already started with the unstaking of 150 million OM from the Team and Core Contributor allocation. This was initially staked at mainnet genesis in October 2024 to support network security. The company has provided transaction hashes for verification, and the unstaking period will complete on April 29, 2025. Following this, the OM will be sent to a burn address and permanently removed.

MANTRA has started a transparent process for the token burn and has provided specific technical details to allow community verification of each step. The unstaking of 150 million tokens from the Team and Core Contributor allocation has begun and can be tracked through three transaction hashes provided in the announcement.

The tokens were originally staked at mainnet genesis in October 2024 to bootstrap network security. According to the announced timeline, the unstaking period will conclude on April 29, 2025, after which all 150 million tokens will be sent directly to the designated burn address.

MANTRA Plans An Additional 150 Million Token Burn

MANTRA has also mentioned that once the burn transaction is executed, they will give complete verification to the users. The company is also in discussions with key ecosystem partners to implement an additional 150 million OM token burn. This would double the impact of the initial burn to a total of 300 million OM removed from circulation.

The token burn will have major effects on MANTRA’s tokenomics and staking economics. According to the blog details, the 150 million OM burn will reduce the total supply from 1.82 billion OM to 1.67 billion OM. This is regarding an 8.2% reduction in the overall number of tokens present.

The burn will also impact the staking configuration within the network in a particular manner. Removing these tokens from staked supply will reduce the staked tokens to 421.8 million OM.

This adjustment will decrease the bonded ratio of the network from 31.47% to 25.30%. This decrease in the bonded ratio is especially important to stakers who bond their OM. This is because it will lead to a greater staking APR (Annual Percentage Rate).

Mantra’s crash was one of the most notable ones recently. Crypto exchange Binance also broke silence amid the token’s crash.

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Vignesh Karunanidhi

Vignesh Karunanidhi is a seasoned crypto journalist with nearly 7 years of experience in the cryptocurrency industry. He has contributed to numerous publications, including WatcherGuru, BeInCrypto, Milkroad, and authored over 10,000 articles

Disclaimer: 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.





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Expert Reveals Pi Network’s Team Efforts To Stabilize Price Amid Token Unlocks

Published

2 hours ago

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April 21, 2025

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Crypto expert Dr. Altcoin has revealed the efforts that the Pi network team has made so far to help stabilize the Pi coin price. The expert explained that this is the reason why the altcoin has been able to stay above the $0.63 support level, rather than dropping to new lows following the recent token unlocks.

Expert Reveals How Pi Network Team Has Helped Stabilize Pi Coin Price

In an X post, Dr. Altcoin revealed that the Pi Network team has already implemented a strategy to absorb the extra Pi supply entering Centralized Exchanges (CEXs) to help stabilize the Pi coin price. He remarked that it has worked so far, seeing as the price has stabilized.

The expert made this revelation while explaining why the Pi coin hasn’t dropped to $0.30 or even lower amid the large volume of unlocked Pi. Instead, the coin has held above the $0.60 support.

Dr. Altcoin asserted that this move from the Pi Core Team proves that the project is not just another pump-and-dump project and that the coin is here to stay and lead. The expert admitted that he and the entire Pi community remain disappointed with the current price and the team’s ongoing lack of communication.

However, he hopes that the team resolves this soon. The expert also affirmed that the Pi Network has remained successful, consistently ranking in the top 30 crypto by market cap. He also stated that the recent strategy by the Pi Core Team to manage the influx of Pi is a clear sign of their long-term vision for the project.

It is worth mentioning that the expert also recently mentioned that the Consensus 2025 conference is pivotal for Pi’s ecosystem. He believes this is an avenue for the team to promote the project.

Pi Coin Price To Still Reach $314

In his post, Dr. Altcoin also stated that he believes that the Pi Network’s price can still reach $314 within the next five years. He added that he has never been more confident in the project’s future than he is today.

In line with this, he urged all Pi community members to continue supporting the project and keep buying the altcoin while it is still cheap. Community members look to be actively accumulating at the moment. As CoinGape reported, whales recently moved over 41 million Pi coins off exchanges, providing a bullish outlook for Pi Network’s price.

In the short term, crypto analysts like Moon Jeff predicted that the Pi coin price could reclaim the $1 level and rally to as high as $5 soon. A listing by a top crypto exchange could undoubtedly send the altcoin to new highs. CoinGape recently reported that the HTX exchange has hinted at a potential listing of the altcoin.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.

Disclaimer: 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.





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