Freshly updated figures from the Shibburn website reveal that the SHIB army is ramping up its efforts to remove more from the meme coin’s circulating supply. Burn transactions reported by a few wallets are available and include several transfers of severally tens of millions of SHIB in the recent past. Despite these efforts, the second-largest meme cryptocurrency continues to trade sideways, regularly attempting to break above the $0.0001700 level.
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Massive Increase in SHIB Burn Rate
The Shibburn website reported that the Shiba Inu burn rate had increased by 3,988.31% in the last 24 hours, and during this time, 71,187,963 SHIB coins were destroyed. Most of this SHIB was transferred to an unspendable blockchain wallet 19 hours ago in a single transaction of 69,000,000 Shiba Inu. According to the data source, the SHIB team has disposed of 410,727,566,358,907 SHIB. There are currently 583,356,677,611,049 SHIB coins in circulation on the cryptocurrency market.
SHIB Representative Teases Imminent Shiba Inu ETF
Earlier this week, SHIB marketing lead Lucie hinted at possibly creating an ETF connected to Shiba Inu. In two posts on her X handle, she elaborated on the possibilities of other fund-managing companies initiating such an ETF. Specifically, the first Bitcoin ETF appeared in January, and there is currently the expected approval of a compromise SEC, which would track the spot price of Ethereum. Futures bitcoin ETFs and Ethereum ETFs were approved and starting their operations in 2021.
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On this aspect, Lucie was very optimistic that an ETF for the SHIB token would be created, affirming, “You can count on it, there definitely will be an ETF. ” She went to Twitter and opined that it would be good for SHIB and the entire world of DeFi, as the ETF would make the coin much more accessible, regulated, and secure. In addition, the applications of SAI will increase the demand and expansion of Shiba Inu multifolds. However, she also mentioned several limitations: higher centralization, transfers of direct SHIB ownership, and the decrease in DeFi protocols’ usage among ETF holders.
Besides, the recent attempts by the SHIB army to boost the burn activity and the potential of the Shiba Inu ETF indicate that the ecosystem expansion is ongoing. However, these initiatives ensure that the market faces hurdles while asserting the community’s determination to wipe out demands and contribute to the coin’s worth. For now, all market participants are still waiting for additional regulatory verdicts; however, the presence of an ETF can introduce substantial shifts in terms of both SHIB’s supply and demand.
Also Read: Shiba Inu Shows Signs of Uptrend as Trading Volume and Activity Increase
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.