Shiba Inu burn rate surges as Shytoshi Kusama says SHIB ETF is ‘one step closer'
The Shiba Inu (SHIB) community has ramped up its efforts to reduce the token's circulating supply, with the latest data showing a staggering 5,440.85% increase in the daily burn rate.
According to Shibburn, 40 million SHIB tokens were burned in the last 24 hours, fueled by two large transactions that sent over 32.8 million SHIB to dead wallets.
Shibburn reports that a total of 13 million SHIB and 20 million SHIB were burned in separate transactions. Over the past week, 140 million SHIB tokens have been destroyed, marking a 10.45% weekly surge in the burn rate. This spike in burns has intensified speculation about a potential Shiba Inu ETF (SHIB ETF) following news that Bitwise Asset Management has applied for a Dogecoin (DOGE) ETF.
This comes as Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu, expressed optimism about the prospects of a Shiba Inu ETF in light of the DOGE ETF filing.
"An ETF for SHIB is now one step closer due to the approval of Ethereum's ETF. This is a significant milestone for both ETH and SHIB," Kusama told The Shib Daily.
The New York Stock Exchange Arca (NYSE Arca) filed a 19b-4 proposal on March 3, aiming to list and trade shares of the Bitwise Dogecoin ETF. If approved by the U.S. Securities and Exchange Commission (SEC), the ETF would provide regulated exposure to DOGE for retail and institutional investors.
The DOGE ETF will operate on a cash-based system, meaning investors cannot directly deposit or withdraw Dogecoin. Coinbase Custody will serve as the custodian, while Bank of New York Mellon (BNY Mellon) will handle administration, record-keeping, and cash holdings.
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