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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?
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) July 11, 2024
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 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.