Shiba Inu (SHIB) Burn Rate Reaches New Highs, Surges Over 4000% Amidst SHIB ETF Speculation

Shiba Inu (SHIB), a leading competitor to Dogecoin, has recently attracted significant interest from the cryptocurrency community.

Shiba Inu (SHIB) has seen a massive surge in its burn rate, attracting attention in the crypto market.

According to Coingape, the SHIB burn rate experienced a remarkable increase of over 4000% on July 12. This coincides with speculations of a potential SHIB ETF, sparking further discussions among crypto enthusiasts.

The burning activity is also occurring as the meme coin shows signs of consolidation.

Burn Mechanism Contributes to SHIB's Market Strength

Data from the SHIB burn tracker Shibburn reveals a staggering 3988.31% increase in burn rate today. This surge is primarily driven by the loss of 71.18 million coins in the last day.

The burning mechanism has significantly reduced the overall market supply of Shiba Inu, which now stands at 589.27 trillion coins. Notably, a total of 410.72 trillion tokens have been burned from the initial supply.

It's worth mentioning that a decrease in supply tends to amplify the demand for Shiba Inu, adding a bullish element to the meme coin to the market.

Shiba Inu Marketing Head Hints at ETF Possibility

Meanwhile, the meme coin is garnering further attention after Lucie, Shiba Inu's head of marketing, recently sparked conversations regarding a potential SHIB ETF.

According to EconoTimes, the executive appeared enthusiastic about an upcoming exchange-traded vehicle for Shiba Inu. She further highlighted the key benefits of an ETF, hinting positively towards the meme coin-based investment instrument.

However, as mentioned earlier, SHIB joined the broader market trend on Monday by slipping into the red zone.

At the time of this writing, SHIB was trading down 1.85% to reach $0.00001616. Over the last 24 hours, the coin's lowest price was $0.00001596, while its highest price was $0.00001698.

Notably, the meme coin still managed to post a 20.87% gain on the weekly chart, indicating that today's price decline aligns with the overall market trend.

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