Burn Update: DEX token $ETHETF is up 26% as the market turns bullish after supply fell 21%.

November’s breakout DEX token, $ETHETF, is rapidly approaching its 21% total supply burn target, with 1,000,000 tokens burned today alone, amidst the market’s strength. Don’t miss it.

The ETH ETF token is making waves on the DEX market again with the burning of another 1,000,000 $ETHETF tokens (representing 1% of the total supply). Burns can be tracked on Etherscan here.

This burn is the latest in an ongoing dynamic burn mechanism that aims to reduce the supply of ETH ETF tokens by 21 million (or approximately 21% of the supply).

The number of ETHETF tokens manually burned is currently 14,000,000, with an additional 6,000,000 burned through a 2% purchase tax, for a total of 20,000,000 $ETHETF (worth over $200,000) removed from the total supply (equivalent to 20). % decrease).

Now, new investors, lured by dwindling supply, are vying for a spot in what has been called the best deflationary altcoin of 2023.

Decoding the main burn events of $ETHETF: Understanding the mechanics of the ETH ETF burn process

After an incredible stealth launch that saw $ETHETF surge 218% in the first 48 hours of trading, the ETH ETF token introduced a token burn program on November 16th.

The burn mechanism aimed to reduce the token supply by 21% (a unicorn compared to Bitcoin’s 21 million supply).

The burn mechanism removes tokens from the circulating supply by sending them to a null address on the blockchain using only the receive function.

This creates a deflationary effect on token economics, resulting in significant prices due to supply-side declines.

$ETHETF Price Review: Is ETHETF Token Ready for a Post-Burn Recovery Surge?

Following a sharp launch followed by a localized retracement, $ETHETF is trading at a market price of $0.01030 (representing a change of -5.89% in 24 hours).

The upward momentum resumed last week, with price action pushing $ETHETF Cement up +27% after finding support at $0.008.

Despite the -48% retracement from its all-time high of $0.015, $ETHETF now looks set to make a big move to the upside, with a well-defended bullish pendant pattern.

This comes as market confidence returns to the charts as the number of token holders has steadily increased, now up to 751, a 50% growth in just two weeks.

However, despite the impressive growth of bag holders, $ETHETF remains a very low cap offering of just $831,000.

Similar DEX-launched meme coins regularly reach market caps of $5 million, suggesting that $ETHETF could earn up to a 6x return from current levels.

Overall, $ETHETF is in a very good position as any major news event related to the Ethereum ETF could trigger large volume inflows.

Additionally, as a sign of the commitment of the project development team, over $500,000 of liquidity has been locked up, adding additional confidence to the medium-term play.

Fidelity Submits Ethereum Spot ETF Application – The Next Major Price Catalyst?

In a potential catalyst event for a $ETHETF breakout, asset management giant Fidelity has filed a 19b-4 filing to launch an Ethereum Spot ETF in the US market.

The Fidelity Ethereum fund is listed on exchanges owned by Cboe Global Markets. But in a unique move, Fidelity boldly assumed the role of its own conservator.

This bucks the trend with Coinbase poised to become the custodian for 68% of Ethereum spot ETFs.

So, against the backdrop of market excitement surrounding Fidelity’s Ethereum Spot ETF and institutions working to accumulate, there has never been a better time to invest in $ETHETF. Don’t miss it.

Buy ETH ETF tokens here

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