Amid shifting sentiments, the Shiba Inu burn rate has increased by 208% in the last 24 hours, according to data from the SHIB on-chain tracking platform Shibburn.
Over the last day, a total of 7,943,107 SHIB has been permanently removed from circulation, contributing to an increase in daily and weekly burns.
While millions of SHIB has been erased in the last 24 hours, SHIB’s total supply is now 585,226,974,342,957 out of an initial supply of 1 quadrillion tokens.
Shiba Inu sees first-ever spot ETF filing
After multiple series of severe consolidations that have weakened investors’ interest and the hype surrounding the popular dog-themed meme token, Shiba Inu appears to be back in the spotlight.
Shiba Inu has again become the buzz of the crypto community as the surge in its burn metric, which saw nearly 8 million tokens being burned in the past 24 hours, has coincided with the first-ever spot Shiba Inu ETF filings.
After multiple days of staying in the red territory, SHIB has finally seen an increase in its burn activity, signaling increased demand amid growing optimism across the SHIB ecosystem.
This shift in sentiment has come after a major U.S. investment firm managing over $1.7 trillion in assets filed for a spot Shiba Inu ETF.
While this marks the first time an ETF will be filed for Shiba Inu, the move interestingly positions SHIB alongside top crypto assets like Bitcoin, Ethereum, XRP and Solana in SEC filings.
This move has not only returned SHIB to the spotlight, it has also positioned it for a big rally ahead amid rising optimism among retail and institutional investors.
While momentum is finally returning to the Shiba Inu ecosystem, its price has seen a decent resurgence, jumping 2.49% over the last day, trading at around $0.00001014 as of writing time.