- Shiba Inu’s ETF potential gains attention amid crypto-backed ETF filings.
- SHIB’s burn rate surge of 8,457% boosts investor optimism and demand.
- SHIB’s price increases 5.99%, reflecting growing market interest and activity.
Recent comments from Shiba Inu’s marketing executive, Lucie, have reignited speculation about a potential exchange-traded fund (ETF) for the meme coin. Her statements point out the growing attention SHIB is receiving from investors due to its market presence, high burn rate, and rising interest in cryptocurrency-backed ETFs.
Lucie from Shiba Inu marketing management recently posted on social platforms about turning the coin into an ETF. According to Lucie the extensive market availability of SHIB on more than 110 exchanges with 212 trading options positions it as an ideal choice for an ETF.
Lucie stated that SHIB is not just a meme coin but a decentralized, community-driven token designed for long-term sustainability. Her comments have sparked interest among market participants as the broader market has seen increasing activity around crypto-backed ETF filings.
Crypto-ETF Movement Fuels Speculation Around SHIB
Discussions about Shiba Inu’s ETF prospects coincide with several recent filings in the crypto market. Canary Capital’s recent S-1 filing with the U.S. Securities and Exchange Commission (SEC) for an SUI ETF has added momentum to the conversation.
Additionally, the SEC’s acknowledgment of Grayscale’s filing for a Dogecoin ETF has further fueled speculation about the potential approval of ETFs for other meme coins, including Shiba Inu.
Shiba Inu’s Burn Rate Surge: A Key Factor in Investor Optimism
An unexpected development that could influence SHIB’s price is the surge in its burn rate. On Monday, Shiba Inu’s burn rate soared 8,457%, with over 1 billion tokens removed from circulation in 24 hours.
This decrease in supply is one that many market watchers consider to be a positive development. A reduction in the supply circulating is typically the result of the burning mechanism, which can push demand higher. As for other technical characteristics, total supply is now 584.35 trillion, compared to initial 589.25 trillion coins.
Market Performance Reflects Growing Interest
The total supply of Shiba Inu has not hindered its ongoing market growth. The current SHIB exchange rate shows $0.00001357 with a five percent rise from yesterday according to market data. The total market value of Shiba Inu stands at $8 billion while its daily trading transactions reached $191.98 million.
Growing market interest in the price increase is likely due to the optimism surrounding Shiba Inu as an ETF and burning activity.
The price surge is not extensive, but demand for SHIB has been rising. The coin can be found across a multitude of exchanges, which means the market is gaining more steam.
