Key SHIB Metric Explodes 3,988%, Here’s What’s Happening

Freshly updated figures published by the Shibburn website reveal that the SHIB army has increased their attempts to remove as much SHIB as they can from the meme coin’s circulating supply.

Among the burn transactions’ details shared by the aforementioned wallet tracker, the was a single transfer that carried several tens of millions of Shiba Inu. In the meantime, the second largest meme cryptocurrency SHIB continues to trade sideways, making regular attempts to break above the $0.0001700 level and return to its previous highs.

SHIB burn rate jumps 3,988%

Shibburn rate has reported that during the period of the last 24 hours, the SHIB burn rate has made an impressive advance of 3,988.31% with 71,187,963 SHIB meme coins. Most of this SHIB was driven to an unspendable blockchain wallet nineteen hours ago in a single 69,000,000 Shiba Inu chunk.

The second largest burn transaction stands light years away from it as it carried 1,177,856 SHIB to the virtual furnace.

By now, according to the above data source, the SHIB team has managed to dispose of 410,727,566,358,907 SHIB. Almost all of it was burned by Ethereum co-founder Vitalik Buterin, though, in May 2021. 583,356,677,611,049 SHIB continues to circulate in the cryptocurrency market.

SHIB rep teases imminent Shiba Inu ETF

Earlier this week, the SHIB marketing lead Lucie published two posts on her X handle, in which she discussed the likelihood of fund managing companies launching an exchange-traded fund (ETF) based on Shiba Inu.

The very first spot Bitcoin ETF was rolled out in January and now the crypto market is expecting the SEC to green-light an ETF tracking the spot price of Ethereum. Futures Bitcoin and Ethereum ETFs were approved and launched in 2021.

Why would a $SHIB ETF be great, and why not?

1.Why a SHIB ETF Would Be Great:

•Accessibility: A SHIB ETF would make it easier for traditional investors to gain exposure to Shiba Inu without needing to navigate cryptocurrency exchanges.

•Regulation and Security: ETFs are… pic.twitter.com/pZTXWCVVcX

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) July 11, 2024

Lucie believes that a SHIB ETF will “most definitely” happen and she tweeted that such an ETF would be great for SHIB and DeFi in general since it would increase the coin’s accessibility, regulation and security, as well as provide a major increase in demand and diversification for Shiba Inu.

However, she noted that there are several key reasons why the launch of such a product might not be so great for SHIB and/or the DeFi space. Among those drawbacks, she named increased centralization, loss of direct SHIB ownership, and reduced engagement in DeFi protocols for ETF holders.

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