ETHETF Coin Announces 21% Token Burn Program
Two days after launching, ETHETF coin has announced a 21 million token burn program, reducing the total token supply by 21%. This news caused a 25% jump in the price of ETHETF to $0.01601 and is now up 12% at $0.1448. The burn program coincides with fund giant BlackRock officially filing its application to issue a spot Ethereum ETF.
In Twitter and Telegram posts, the ETHETF Token team has stated that the tokens will be burned over a 21-day period, starting with 1 million tokens being burned today. Burning involves sending tokens to a null address on the blockchain to effectively remove them from circulation.
Supply Burn + Transaction Buy Burn = ETHETF Price Explosion
Linked to the spot Ethereum ETF theme, ETHETF already has a burn mechanism where each buy attracts a 2% token burn. These buy burns will cease when a spot Ethereum ETF is launched. Today’s news of the 21% burn program hugely supports the value-creating deflationary properties of the token.
Yesterday, more than half a million dollars of liquidity was locked, making trading smoother for both smaller and larger trades. ETHETF now trades on V2 and V3 liquidity pool versions of the Uniswap decentralized exchange, with V3 having locked liquidity of $572k while V2 has liquidity of $241k.
Hot Take
For traders and investors looking to leverage the spot Ethereum ETF frenzy, ETHETF presents an early opportunity to get ahead of the crowd and buy the rumor before the actual launch. As Ethereum is widely used for smart contracts and Web3 decentralized applications, purchasing ETHETF now provides immediate exposure to the Ethereum ETF investment theme without waiting for SEC approval.
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