Cryptocurrency Shiba Inu (SHIB) experienced a dramatic 2814% increase in its token burn rate over the past 24 hours, despite its continued market price decline. This surge is tied to comments from SHIB’s marketing leader, Lucie, about a potential SHIB Exchange Traded Fund (ETF). However, despite the increased burn rate and optimistic ETF discussions, SHIB’s price showed no signs of recovery.
According to Shibburn, a platform tracking SHIB token burns, the burn rate spiked on June 11, leading to the destruction of approximately 7.9 million SHIB tokens across various transactions. The purpose of token burning is to reduce the total circulating supply, theoretically increasing the value of the remaining tokens. Nevertheless, SHIB’s price continued its downward trend, reflecting significant sales in the market.
Active Community Participation
The Shiba Inu community played an active role in the token burning process. Notably, two wallet addresses stood out for burning large amounts of SHIB. The first address, beginning with 0x608, burned approximately 5.35 million SHIB tokens through two transactions.
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Meanwhile, the second address, starting with 0xc66, destroyed 1.53 million SHIB tokens. Additionally, numerous smaller transactions carried out by other community members contributed to the increased burn rate, bringing the total number of burned tokens to an impressive 410.72 trillion.
Potential SHIB ETF Sparks Interest
Lucie’s statements about a potential SHIB ETF sparked interest among SHIB supporters, especially after the approval of Spot Ethereum ETFs. However, Lucie expressed uncertainty about whether institutional investors would grasp SHIB’s value.
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She hoped that large financial institutions, like BlackRock, would eventually recognize Shiba Inu’s potential. Despite this optimism, it remains uncertain how these institutions will react. The Shiba Inu token burn rate saw a significant surge, driven by active community participation and discussions about a potential SHIB ETF.
Nevertheless, the increased burn rate has not yet translated into a price recovery for SHIB.
