Shiba Inu’s rate of burning tokens has experienced a significant increase, skyrocketing by 300% in the past 24 hours as the network activity surges due to the positive price performance.
This surge in burn rate is happening amidst the community’s excitement about the possibility of a SHIB ETF, which has the potential to attract billions of dollars to the token.
The burn rate of Shiba Inu has been one of the main factors driving the price of SHIB, helping this rival of Dogecoin to expand its adoption and generate investor interest. Today, the burn rate has seen a notable increase, surging by approximately 300%, driven by the network activity and the positive performance of SHIB, the native token of the network.
According to data provided by Shibburn, a platform that monitors SHIB token burns, the burn rate has increased by 300% in the last 24 hours, resulting in a total amount of 410,723,398,490,001 SHIB being burned. This increase doesn’t come as a surprise, considering that the network and its Layer 2 solution platform, Shibarium, have been experiencing an increase in activity. Data from Shibariumscan shows that daily transactions on the Shibarium network have consistently remained above one million. Additionally, there are over 1.3 million wallet addresses and 405 million successful transactions, indicating the network’s popularity, even though it was launched less than a year ago.
These developments coincide with speculation about a SHIB ETF. After the approval of a Bitcoin spot ETF, which has attracted institutional investment worth billions of dollars, experts have predicted the emergence of several crypto ETFs. Ethereum spot ETFs are already in the works, and experts anticipate their approval in May. Other contenders for future filings and approvals include Ripple (XRP), Cardano (ADA), and Solana (SOL). SHIB is now gaining attention as a significant contender, with the community actively embracing and promoting this initiative.
LUCIE, the marketing officer for Shibarium and the Shiba ecosystem, has called on the community to sign a petition urging Grayscale Investments to launch a Shiba Inu (SHIB) ETF. At the time of writing, the petition has garnered significant recognition, with 5,344 people signing it.
“We request Grayscale Investments, LLC, to assess the viability, market demand, and potential impact of introducing a Shiba Inu ETF,” notes the petition. Although the petition was launched in late February, Grayscale has yet to respond to this request.
Investors have taken notice of these developments, as SHIB has gained over 25% in the past 7 days, showcasing an impressive performance compared to its rival, Dogecoin (DOGE). With a market capitalization of nearly $20 billion, SHIB is currently ranked 11th, just behind DOGE in 10th place. With numerous projects in the pipeline and increasing adoption, experts predict that SHIB will soon surpass DOGE. At present, SHIB is trading at $0.0000333.
As recently highlighted by CNF, Shytoshi Kusama, the lead developer of Shiba Inu, has expressed his support for the token to achieve a market capitalization of $100 billion. Based on our data, this would position the token as the third-ranked token, only behind Bitcoin (BTC) and Ethereum (ETH).