Wednesday, November 29, 2023 – 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 making waves in DEX markets once again, 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 in the midst of 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 position in what is being called the best deflationary altcoin of 2023.
Amazing news, #ETHETF community!
We have now burned over 20% of the total $ETHETF supply!
This landmark milestone signifies a strong commitment to reducing supply and increasing value for our community.https://t.co/XxhnOWqsRT
Stay tuned for more! #Web3 #ETH #Crypto pic.twitter.com/tNdNPfpk9R
— EthereumETF_Token (@ETHETFToken) November 29, 2023
ETH ETF’s Big Burn Event: How Does The $ETHETF Burn Mechanism Work?
Following a sensational stealth launch, which saw $ETHETF skyrocket +218% in the first 48-hours of trading, ETH ETF token announced the introduction of a token burn program on November 16.
The burn mechanism had the stated goal of reducing token supply by 21% (a tip of the hat to Bitcoin’s 21M supply).
Burn mechanisms work by sending tokens to a null address on the blockchain that has nothing but a receive function, eliminating the tokens from circulating supply.
This induces a deflationary effect on the tokenomics, with a supply-side reduction resulting in significant price accrual.
$ETHETF Price Analysis: Is ETHETF Token Poised For Recovery Rally After Burn Milestone?
Following localized retracement in the aftermath of a skyrocket launch, $ETHETF is currently 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 Files for Ethereum Spot ETF – Next Big Price Mover?
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 taken the bold move of acting as its own custodian.
This bucks a trend of using Coinbase, which is currently poised to become custodian for 68% of Ethereum Spot ETFs.
#Coinbase is the custodian of 13 of the 19 spot crypto #ETFs
#Bitcoin #Ethereum #TVL #Binance #Bingx #airdrops #Metaverse #Citadel #BlackRock #Fidelity #Dogecoin #Polygon #WLD #Solana #Forge #NFTs #shibainu #Base #Xrp #Web3 #Monero pic.twitter.com/nsTOPiFoOh
— Sergio Devidson (@SergioDevidson) November 28, 2023
Meanwhile, a report by CryptoQuant has identified a sudden increase in the Ethereum holdings of major financial institutions in November, with ETH emerging as a favored digital asset amongst investors due to trust, fund, and ETF offerings.
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.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post Burn Alert: DEX Token $ETHETF Recovers +26% As Market Sentiment Flips Bullish Amid 21% Supply Burn appeared first on Cryptonews.