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November’s breakout DEX token $ETHETF is rapidly approaching the 21% of total supply burn target, with 1,000,000 tokens burned today alone, as markets flip bullish – don’t miss out.
ETH ETF token is again making waves in DEX markets, as another 1,000,000 $ETHETF tokens are burned (representing 1% of total supply). The burn can be tracked on Etherscan here.
This burn is the latest amid an ongoing dynamic burn mechanism, aiming to reduce ETH ETF token supply by 21M tokens (or around 21% of supply).
With the number of manually burned ETHETF tokens now standing at 14,000,000, atop a further 6,000,000 burned via the 2% buy tax, a total of 20,000,000 $ETHETF (valued at over $200k) has been removed from the total supply (equating to a 20% reduction).
Now, drawn in by the reduced supply, new investors are racing to take a position in what is being called the best deflationary altcoin of 2023.
Decoding $ETHETF’s Major Burn Event: Understanding The Mechanics Of ETH ETF’s Burn Process
Following a sensational stealth launch, which saw $ETHETF skyrocket +218% in the first 48 hours of trading, ETH ETF token introduced a token burn program on November 16.
The burning mechanism aimed to reduce token supply by 21% (a tip of the hat to Bitcoin’s 21M supply).
Burn mechanisms send tokens to a null address on the blockchain with nothing but a receive function, eliminating the tokens from the circulating supply.
This induces a deflationary effect on tokenomics, with a supply-side reduction resulting in significant price accrual.
$ETHETF Price Review: Could The ETHETF Token Be Gearing Up For A Recovery Surge Post Burn?
Following localized retracement after a skyrocket launch, $ETHETF is trading at a market price of $0.01030 (representing a 24-hour change of -5.89%).
Upside momentum has resumed over the past week, with price action seeing $ETHETF cement a +27% gain after support was established at $0.008.
Despite a -48% retracement from an all-time high of $0.015, $ETHETF now appears poised in a well-defended bullish pendant pattern, with price action coiling up for a major move to the upside.
This comes as market confidence returns to the chart, as seen in the steady growth in the number of token holders, which pushed to 751 today, a 50% growth in just two weeks.
Yet, despite the impressive growth in bag-holders, $ETHETF remains a remarkably low cap proposition – at just $831k.
Similar DEX-launched meme coins regularly reach $5M market caps, suggesting that $ETHETF could undertake as much as a 6X return from current levels.
Overall, this leaves $ETHETF extremely well-positioned, as any major news event around Ethereum ETFs could trigger a major influx of volume.
Furthermore, in a signal of commitment from the project’s development team, more than $500k of liquidity has been locked – adding extra reassurance to the mid-term play.
Fidelity Submits Application For Ethereum Spot ETF – Next Major Price Catalyst?
In the start of a potential catalyst event for an $ETHETF breakout, asset management giant Fidelity has submitted 19b-4 paperwork to launch an Ethereum Spot ETF on US markets.
The Fidelity Ethereum fund would be listed on an exchange owned by Cboe Global Markets. However, in a unique move, Fidelity has boldly acted as its own custodian.
This bucks a trend of using Coinbase, poised to become the custodian for 68% of Ethereum Spot ETFs.
So, with a backdrop of market excitement surrounding Fidelity’s Ethereum Spot ETF and institutions working towards accumulation, there has never been a better time to invest in $ETHETF – don’t miss out.
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