- SHIB burn rate jumped 8454% in 24 hours, removing over 1 billion tokens and boosting investor sentiment across major trading platforms.
- SHIB’s global exchange presence and community focus sparked fresh speculation about a potential Shiba Inu ETF filing in the coming days.
- Shiba Inu futures and derivatives saw a notable increase, reflecting heightened interest amid ETF discussions and circulating supply reduction.
The Shiba Inu community witnessed renewed enthusiasm on Monday after its marketing lead, Lucie, highlighted factors that support a potential ETF filing. Through a recent X post, Lucie emphasized SHIB’s presence across 110 exchanges with 212 trading pairs. This global accessibility, she noted, strengthens its case for consideration as an ETF product.
Lucie described Shiba Inu as more than a meme, noting its decentralized structure and community-driven foundation. These attributes, she argued, make it well-positioned for broader institutional offerings like ETFs. Her comments came at a time when interest in crypto-backed ETFs continues to climb.
Broader Market Activity Reinforces Speculation
Crypto-focused platforms recently reported growing optimism around ETF products for several digital assets. Canary Capital filed for an SUI ETF with the US SEC, while Grayscale’s DOGE ETF proposal gained acknowledgment. BlackRock is also speculated to consider a DOGE ETF. These developments have led to heightened interest in SHIB’s potential for similar treatment.
Investor sentiment received another boost as Shiba Inu’s burn rate surged over 8454% intraday on Monday. Over 1 billion SHIB tokens were destroyed within 24 hours, sending a signal to markets regarding potential price movement. The burn was led by wallet address 0x55b8979a8d79f2802c79ff5a5083a0d7fdc182e3, which alone accounted for the entire figure.
Circulating Supply Drops Sharply After Burn
Following the token burn, the total circulating supply of SHIB dropped to approximately 584.35 trillion. The reduction supports positive market expectations due to the decreased supply aligning with strong demand.
As of the latest data, SHIB’s price rose by 1% to reach $0.00001303. The token traded between $0.0000128 and $0.00001309 over the past 24 hours. This minor upward movement follows the supply cut and rising ETF hopes.
Data from Coinglass showed SHIB futures open interest climbed by 3.5% to $121.69 million. Meanwhile, derivatives trading volume rose 24% to reach $71.18 million. These figures reflect growing market engagement driven by ETF speculation and the supply burn impact.
