Shiba Inu Kills A Zero From Valuation With 10% Daily Gain: Shiba Inu ETF On The Cards?

Shiba Inu SHIB/USD erased one zero from its price by spiking over 10% on the day amid a Shiba Inu ETF petition by its community.

What Happened: Per CoinGecko data, Shiba Inu saw an 10.7% surge taking its price to $0.00001059, breaking the psychological resistance of dropping one zero from its valuation. 

Based on Shibburn data, the burn rate stands at 4,290.02% in the past 24 hours, with one single transaction burning 5.1 million tokens around 19 hours ago.

With this transaction, around 70% of tokens have been burnt (410.7 trillion) from the ecosystem out of the total supply of 589.3 trillion.

According to Etherscan data, an unknown major whale in an unexpected move received around 293.98 billion SHIB tokens, worth $2.84 million, at an unidentified address.

The receiving address is new, with no prior transactions or assets associated. Notably, this movement of tokens was the largest in the past 24 hours.

Coinglass data shows Shiba Inu’s derivatives metrics:

• A 254.97% surge in volume.
• A 25.8% increase in its Open Interest to $36 million.
• Liquidations in the past 24 hours stand at $414,000, with short liquidations accounting for $326,590.

See Also: 'Dogecoin Killer' Shiba Inu Sees 2,595% Surge Of Whale Inflows - 'Shibarium Is Set To Take Off,' Says Marketing Lead

Why It Matters:  Lucie, the marketing lead, revealed a proposal for a Shiba Inu ETF to the Grayscale Investments Team.

The petition filed is from a collective of investors, digital currency aficionado and proponents of the transformative potential of cryptocurrencies. The letter is divided into two parts: "Justification" and "Our Plea."

The first part dives into the tokens popularity, while the plea is for Grayscale to assess the viability, market demand, and potential impact of introducing a Shiba Inu ETF.

The marketing developer of Shiba Inu, Lucie, also announced a message from Ryoshi, the pseudonymous founder of Shiba Inu, “This is just the beginning. Blockchain belongs to us.” The founder’s vision encompasses the view that the ecosystem tokens - SHIB, LEASH, BONE and TREAT – will perform utility and Shiba will slowly become the “immutable globalized exchange of value.”

Crypto investor and Shiba Army, Shib Knight tweeted,

Good Morning #ShibArmy ��$SHIB is still pumping! It is gonna be a great day! pic.twitter.com/hfrWt5kUKz

— $SHIB KNIGHT (@army_shiba) February 27, 2024

What's Next: Last week saw a Shiba Inu whale purchasing 551 billion SHIB, which should alert investors since the last time this happened, Shiba Inu pumped 1,100%. 

Now Read: Bonk, Pepe Print Double-Digit Weekly Gains: Why Dogecoin And Shiba Inu Should Be Concerned

Image: Pixabay