The SHIB army has increased efforts to reduce the coin’s circulating supply, as shown by Shibburn data. A major burn transaction moved tens of millions of Shiba Inu. Despite this, SHIB, the second-largest meme cryptocurrency, continues to trade sideways, often trying to surpass the $0.0001700 level and reach previous highs.
The Shibburn rate reported a 3,988.31% surge in the SHIB burn rate within the last 24 hours, with 71,187,963 SHIB coins burned. Notably, one transaction sent 69,000,000 SHIB to an unspendable blockchain wallet. In comparison, the second-largest burn transaction only involved 1,177,856 SHIB.
Source: Shibburn
To date, the SHIB team has successfully burned 410,727,566,358,907 SHIB. A significant portion of this total was burned by Ethereum co-founder Vitalik Buterin in May 2021. Currently, 583,356,677,611,049 SHIB remain in circulation in the cryptocurrency market.
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Earlier this week, SHIB’s marketing lead, Lucie, hinted at a potential Shiba Inu exchange-traded fund (ETF) on her X handle. She discussed the likelihood of fund managers launching a Shiba Inu ETF. With the first spot Bitcoin ETF introduced in January and the market awaiting SEC approval for an Ethereum ETF, Lucie believes a SHIB ETF is highly probable.
Benefits and Drawbacks of a SHIB ETF
Lucie highlighted the benefits of a SHIB ETF: greater coin accessibility, improved regulation and security, and increased demand and diversification for Shiba Inu. However, she noted drawbacks like heightened centralization, loss of direct SHIB ownership, and reduced engagement in DeFi protocols for ETF holders.
Related article: Shiba Inu Shows Bullish Signals Amid Rising Trading Activity
The SHIB burn rate has seen a dramatic increase, reflecting the community’s ongoing efforts to reduce the coin’s supply.
Meanwhile, discussions around a potential SHIB ETF highlight both its promising benefits and notable challenges, indicating significant developments ahead for Shiba Inu and the broader DeFi space.
