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Popular tracking platform Shibburn has published two tweets that show a drastic increase in the SHIB burn rate, which happened within just a single hour and almost pushed this indicator out of the red zone. Now, just less than 5% stands between the SHIB burn rate and the green area.
More than 40 million SHIB has been destroyed within that hour, in addition to more than 10 million of them burned earlier today.
57.4 million SHIB removed for good
The first tweet shows that the amount of meme coins burned in the past 24 hours totaled 17,158,090 SHIB, with the burn rate being -71.58%. The tweet published an hour later showed a figure that exceeded that one by 40.3 million - 57,468,719 SHIB, and the burn rate went up to -4.82%.
The difference in weekly burns was also noticeable as it jumped from 151,284,368 SHIB (with the burn rate sitting at 91.71%) to 191,594,996 SHIB (with the burn metric soaring to 142.79%).
The largest burn transaction on today’s list so far has carried 39,060,373 SHIB to an unspendable blockchain wallet.
Altcoin season coming, SHIB member says
Earlier this week, Shiba Inu marketing expert Lucie made a prediction that she expects an altcoin season to arrive soon.
She tweeted this as she posted a video advertisement launched by BlackRock for its spot Ethereum ETF. Lucie reckons that after Ethereum ETFs begin trading, an altcoin season will arrive in the near future, and it will benefit many altcoin holders, including the SHIB army.
The first trading day for spot Ethereum ETFs was yesterday, and these new crypto-based products demonstrated a trading volume of more than $1 billion. BlackRock’s ETHA ETF absorbed $266.5 million in inflows, followed by Bitwise ETHW ETF, with $204 million flowing into it. Those ETFs saw the biggest daily inflows so far.
However, Bitcoin maximalists have been slamming Ethereum, along with the ETFs based on its spot price. Among them are Max Keiser, Samson Mow and Anthony Pompliano. Keiser believes that while spot Bitcoin ETFs have increased Bitcoin’s appeal as digital gold, Ethereum ETF will decrease ETH's appeal to investors. JAN3 CEO Mow pointed out that the Ethereum price hardly reacted to the approaching ETF launch.