'Dogecoin Rival' Shiba Inu Burn Rate Soars 549% As Founder Teases Shiba Inu ETF Prospects

Shiba Inu SHIB/USD has seen its burn rate spike amid its founder hinting at the prospect of a Shiba Inu ETF.

What Happened: Shibburn data shows the burn rate spiking to 548.9% over the past 24 hours, with a total of 12.1 million coins burned. The burn transactions included the burning of 10.2 million coins in one single transaction around 17 hours ago.

Immediately after the Ethereum ETF approval, Shiba Inu founder Shytoshi Kusama congratulated "Ethereum friends" in his latest tweet. He also wrote, "Does this pave the way for SHIB? I'll let you decide… I'll stay focused on what we have coming. STAYTUNED."

Coinbase Traders announced a perpetual futures listing for Shiba Inu, Floki Inu and Bonk on Coinbase Advanced. Trading will be enabled from May 30. The listing is expected to enhance liquidity and market depth, increase investor participation and a better price discovery.

Also Read: ‘Dogecoin Killer’ Shiba Inu Burn Rate Surges 435%, Trader Predicts 210% Price Explosion Ahead

Why It Matters: IntoTheBlock data suggests 61% of Shiba Inu holders are in profit at current levels, while concentration by large holders stands at 73%.

ShibaSwap's governance token BONE is now integrated into Precipitate AI wherein users will be allowed to pay for the latter's services using BONE. This will offer greater flexibility and potentially boost demand for the token. Shibariumscan data highlights 1.8 million in total BONE transfers.

Kabosu, the Shiba Inu dog, passed away today at the age of 18. The dog not only represented Dogecoin, Shiba Inu, and Floki but was also amongst the likes of celebrities and renowned investors including Elon Musk.

Price Action: At the time of writing, SHIB is trading at $0.00002416, down 5.6% over the past 24 hours.

What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Top Trader Ditches Bitcoin For Altcoins, ‘Dogecoin Killer’ Shiba Inu’s Potential Breakout And More: This Week In Cryptocurrency

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