- Shiba Inu’s burn rate has witnessed an uptick, soaring by 300% in the past 24 hours as network activity increases due to the positive price performance.
- This increase comes amidst excitement in the community about a possible SHIB ETF, which could attract billions of dollars to the token.
Shiba Inu’s burn rate has been one of the key SHIB price drivers, helping the Dogecoin rival expand its adoption and drive investor interest. The burn rate has recorded an uptick today, surging by around 300%, driven by network activity and positive performance by the network’s native token, SHIB.
According to data provided by Shibburn, a platform that tracks SHIB token burns, the burn rate has increased by 300% in the last 24 hours. This brings the total amount of SHIB to 410,723,398,490,001 SHIB. The increase comes as little surprise, with the network and its Layer 2 solution platform, Shibarium, witnessing an increase in activity. According to data from Shibariumscan, daily transactions on the Shibarium network have consistently stayed above the one million mark. Additionally, total wallet addresses are above 1.3 million, with 405 million successful transactions. This performance underscores the popularity of the network, which was launched less than a year ago.
The developments come amidst speculation about a SHIB ETF. Following the approval of a Bitcoin spot ETF, which has attracted billions of dollars in institutional investment, experts have predicted the entry of numerous crypto ETFs. Ethereum spot ETFs are already in the pipeline, with experts foreseeing approval in May.
Others have been in contention to become the next filings and approvals, with Ripple (XRP), Cardano (ADA), and Solana (SOL) emerging as top contenders. SHIB is now emerging as a noteworthy contender, with the community embracing and promoting the initiative.
Shibarium and Shiba ecosystem marketing officer, LUCIE, has called on the community to sign a petition proposing Grayscale Investments launch a Shiba Inu (SHIB) ETF.
$SHIB ETF
Vote : https://t.co/Wq0xJLx2Zz
— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO
(@LucieSHIB) March 11, 2024
This proposal has gained great recognition, with 5,344 people signing the petition at the time of writing. “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.
These developments have not gone unnoticed by investors, with SHIB gaining more than 25% in the last 7 days. This has marked a star performance for the Dogecoin (DOGE) rival. With its market cap rising to nearly $20 billion, the memecoin is ranked 11th, with DOGE ranking 10th. With numerous projects in the network pipeline and adoption on an upward trajectory, experts have predicted that SHIB will soon flip DOGE. At the time of writing, SHIB is trading at $0.0000333.
As CNF recently highlighted Shiba Inu lead developer Shytoshi Kusama has recently backed the token to reach a $100 billion market cap. Based on our data, this would see the token rise to the 3rd ranked token, behind only Bitcoin (BTC) and Ethereum (ETH).
