Shiba Inu’s burn rate spiked by 208% in the last 24 hours, removing over 7.9 million SHIB from circulation. The surge in burn rate coincides with the first-ever spot Shiba Inu ETF filing by a major U.S. investment firm.
What to Know:
- Shiba Inu’s burn rate spiked by 208% in the last 24 hours, removing over 7.9 million SHIB from circulation.
- The surge in burn rate coincides with the first-ever spot Shiba Inu ETF filing by a major U.S. investment firm.
- This ETF filing positions SHIB alongside leading crypto assets like Bitcoin, Ethereum, XRP, and Solana, potentially driving further institutional interest.
Shiba Inu is regaining attention as its burn rate dramatically increased, coinciding with a landmark event for the meme coin. Over 7.9 million SHIB tokens were burned in the last 24 hours, contributing to a significant reduction in the token’s overall supply. This surge in burn activity aligns with the first-ever filing for a spot Shiba Inu ETF.
The burn rate increase signals renewed interest and demand within the Shiba Inu ecosystem. Increased burn activity can potentially lead to scarcity and price appreciation over time. The burn mechanism aims to reduce the circulating supply, theoretically increasing the value of the remaining tokens.
The ETF filing marks a significant milestone for Shiba Inu, potentially attracting institutional investment. The U.S. investment firm managing over $1.7 trillion in assets has filed for a spot Shiba Inu ETF. This move could legitimize SHIB and open it up to a broader range of investors.
Positioning SHIB alongside established cryptocurrencies like Bitcoin, Ethereum, and XRP in SEC filings demonstrates growing acceptance. This could pave the way for increased regulatory clarity and adoption. The market’s response to this development will be crucial in determining SHIB’s future trajectory.
In conclusion, the combination of a surging burn rate and the first-ever spot Shiba Inu ETF filing could signal a positive shift for the Shiba Inu ecosystem. This could attract both retail and institutional investors. Investors should closely monitor regulatory developments and market sentiment to make informed decisions.
Related: XRP Targets $2.33 After Breakout
Source: Original article
Quick Summary
Shiba Inu’s burn rate spiked by 208% in the last 24 hours, removing over 7.9 million SHIB from circulation. The surge in burn rate coincides with the first-ever spot Shiba Inu ETF filing by a major U.S. investment firm.
Source
Information sourced from official Ripple publications, institutional research, regulatory documentation and reputable crypto news outlets.
Author
Ripple Van Winkle is a cryptocurrency analyst and founder of XRP Right Now. He has been active in the crypto space for over 8 years and has generated more than 25 million views across YouTube covering XRP daily.
Editorial Note
Opinions are the author's alone and for informational purposes only. This publication does not provide investment advice.
