According to U.Today, the Shiba Inu (SHIB) burn rate has seen a significant increase of 3,988.31% in the last 24 hours, with 71,187,963 SHIB meme coins being removed from circulation. The majority of this was sent to an unspendable blockchain wallet in a single transaction of 69,000,000 Shiba Inu coins. The second largest burn transaction was significantly smaller, with 1,177,856 SHIB being sent to the virtual furnace.
The SHIB team has so far managed to dispose of 410,727,566,358,907 SHIB, with the majority of it being burned by Ethereum co-founder Vitalik Buterin in May 2021. Despite this, a total of 583,356,677,611,049 SHIB continues to circulate on the cryptocurrency market.
In other news, speculation is growing around the possibility of an exchange-traded fund (ETF) based on Shiba Inu. SHIB marketing lead Lucie recently discussed the potential benefits and drawbacks of such a product. She believes that a SHIB ETF would increase the coin's accessibility, regulation, and security, and could lead to a significant increase in demand and diversification for Shiba Inu. However, she also noted potential downsides, including increased centralization, loss of direct SHIB ownership, and reduced engagement in DeFi protocols for ETF holders.
