Shiba Inu Marketing Executive Discusses Potential ETF Amid 8,457% Burn Rate Increase
A Shiba Inu marketing executive has raised discussions about a potential ETF for the cryptocurrency, following an 8,457% increase in its burn rate in one day.
SHIB Executive Highlights ETF Potential
Lucie, the marketing lead for Shiba Inu, stated that SHIB possesses qualities conducive to becoming an ETF. Key points include:
- SHIB is available on over 110 exchanges with 212 trading pairs
- The widespread availability enhances its candidacy for an ETF
- Lucie emphasized SHIB's decentralized and community-driven nature
ETF Speculation Amidst Recent Developments
The discussion around a Shiba Inu ETF coincides with recent filings in the crypto ETF space, including:
- Canary Capital filed an S-1 form with the SEC for a SUI ETF
- Grayscale's filing for a Dogecoin ETF has attracted attention
- Speculations suggest BlackRock may file for a Dogecoin ETF
Surge in Burn Rate Attracts Attention
On Monday, SHIB's burn rate surged as over 1 billion tokens were removed from circulation. Post-burn, the circulating supply stands at 584.35 trillion tokens. The impact of reduced supply often leads to positive reactions in cryptocurrency markets.
Modest Price Movement Despite Optimism
Despite the increased burn rate and ETF discussions, SHIB's price only rose by 1%, reaching $0.00001303. The price ranged between $0.0000128 and $0.00001309 over the past 24 hours. Additionally, open interest in SHIB futures increased by 3.5% to $120 million, while trading volume rose by 20% to $70 million.
The possibility of a SHIB ETF remains uncertain, as regulatory approval processes could be lengthy, similar to those faced by Bitcoin and Ethereum ETFs.
