Shiba Inu, the self-proclaimed “Dogecoin Killer,” has witnessed a staggering 550% surge in its burn rate, with 12 million SHIB tokens incinerated in the past 24 hours. This surge comes from a teasing post on X from the cryptocurrency’s enigmatic founder, Shytoshi Kusama, hinting at the possibility of a Shiba Inu ETF.
The burn rate spike, as reported by Shibburn, is a significant development for Shiba Inu. This metric represents the rate at which tokens are permanently removed from circulation, effectively reducing the total supply and potentially impacting the token’s value.
The 12.3 million SHIB tokens burned in the past day mark a substantial increase, indicating heightened activity within the Shiba Inu ecosystem.
Shytoshi Kusama Teases SHIB ETF Potential
Adding to the excitement, Shytoshi Kusama, the elusive founder of Shiba Inu, took to X (formerly Twitter) to congratulate “Ethereum friends” following the SEC’s approval of a spot Ethereum ETF on Friday. In a tantalizing twist, Kusama hinted at the possibility of a similar ETF for SHIB, stating, “Does this pave the way for SHIB? I’ll let you decide… I’ll stay focused on what we have coming. STAYTUNED.”
Congrats to our frens at @ethereum on the ETF APPROVAL! Does this pave the way for #SHIB? I'll let you decide… I'll stay focused on what we have coming. #STAYTUNED
— Shytoshi Kusama (@ShytoshiKusama) May 23, 2024
This cryptic message has set tongues wagging within the Shiba Inu community, fueling speculation about the token’s prospects.
Coinbase Listing Boosts Liquidity and Market Depth
In another positive development for Shiba Inu, Coinbase, the largest exchange in the United States, announced the upcoming listing of perpetual futures for SHIB on Coinbase Advanced, alongside Floki Inu and Bonk. Scheduled to go live on May 30, this listing is expected to enhance liquidity and market depth for SHIB, potentially attracting more investors and improving price discovery mechanisms.
@CoinbaseIntExch will add support for Bonk, FLOKI, and Shiba Inu perpetual futures on Coinbase International Exchange and Coinbase Advanced. The opening of 1000BONK-PERP, 1000FLOKI-PERP, and 1000SHIB-PERP markets will begin on or after 9:30am UTC 30 MAY 2024. $BONK $FLOKI $SHIB pic.twitter.com/TNNAFEjtHH
— Coinbase International Exchange (@CoinbaseIntExch) May 23, 2024
Additionally, Shiba Inu’s ecosystem has seen further developments with the integration of ShibaSwap’s governance token, BONE, into Precipitate AI. This integration allows users to pay for Precipitate AI’s services using BONE, increasing flexibility and potentially boosting demand for the token.
However, amid these positive developments, the community also mourns the passing of Kabosu, the Shiba Inu dog who was not only a mascot for Shiba Inu but also represented Dogecoin and Floki.
Kabosu’s owner shared the news of her passing through a heartfelt poem on her blog. “She quietly passed away as if asleep while I caressed her,” Atsuko Sato wrote, according to BBC News.
Kabosu had been battling leukemia and liver disease, and she passed away on Friday, May 24, as reported by the outlet.
Her passing marks the end of an era and has elicited heartfelt tributes from celebrities, investors, and the cryptocurrency community at large.
Kabosu, the Doge meme dog, passed away this morning. She was 19. The doge that inspired millions to Do Only Good Everyday pic.twitter.com/XIMr4RM1gb
— DogeDesigner (@cb_doge) May 24, 2024
Price Action
Despite these positive developments, SHIB’s price has experienced a slight downturn. At the time of writing, it was trading at $0.0000248, down 1.76% over the past 24 hours. However, sentiment within the Shiba Inu community remains optimistic, with many eagerly awaiting further updates and announcements from the project’s founders and developers.
