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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.
![](https://zephyrnet.com/wp-content/uploads/2023/11/burn-update-dex-token-ethetf-rallies-26-as-market-turns-bullish-following-21-reduction-in-supply.png)
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.
![](https://zephyrnet.com/wp-content/uploads/2023/11/burn-update-dex-token-ethetf-rallies-26-as-market-turns-bullish-following-21-reduction-in-supply-1.png)
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.
#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.
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- Source: https://insidebitcoins.com/news/burn-update-dex-token-ethetf-rallies-with-26-recovery-as-market-turns-bullish-following-21-reduction-in-supply