The Shiba Inu (SHIB) burn rate has surged by 3,000% in the last 24 hours. According to data from Shibburn, a platform that tracks SHIB token burns, a total of 7,912,388 SHIB tokens were burned during this period, contributing to the overall 410,726,546,023,229 tokens removed from the initial supply.
Several notable burn events have taken place over the past 24 hours, with the largest single transaction burning 4,320,587 SHIB tokens just 16 hours ago. Other large burns include:
- 2 hours ago: 432,718 SHIB burned
- 15 hours ago: 1,538,128 SHIB burned
- 20 hours ago: 1,031,814 SHIB burned
These burn events have contributed to the overall reduction of the circulating supply, pushing the burn rate higher.
Shiba Inu ETF Petition Gains Traction
Amidst the surging burn rate, the Shiba Inu community is also rallying behind a petition to create a SHIB-specific Exchange Traded Fund (ETF). In a recent video, crypto influencer Austin Hilton called on SHIB holders to support the petition, which aims to gather 10,000 signatures.
Hilton emphasized the potential for a meme coin ETF, with Shiba Inu being a prime candidate. While the petition specifically mentions Grayscale Investments as the potential issuer, Hilton believes that any reputable firm could step up to create a Shiba Inu ETF.
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Show more +To support the Shiba Inu ETF petition, Hilton provided a link in the video description, urging viewers to sign and share the petition. As of the video’s release, the petition required just 260 more signatures to reach its goal of 10,000 supporters.
Hilton emphasized the importance of community involvement in driving the success of the petition and potentially paving the way for a Shiba Inu ETF. He encouraged viewers to take just a minute to sign the petition and contribute to the cause.
With the support of influential figures like Austin Hilton and the collective effort of SHIB holders, the petition for a Shiba Inu ETF has the potential to garner attention and support.
Read more: Why is the Crypto Market Down Today?
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