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Nearly 8 million Shiba Inu (CRYPTO: SHIB) tokens have been incinerated following the inaugural filing of a Shiba Inu ETF, rekindling interest in the popular meme token.
The burn rate of Shiba Inu has seen a dramatic increase of 208% within a span of 24 hours on Saturday, as per the data provided by the SHIB on-chain tracking platform Shibburn.
This has led to a total of 7,943,107 SHIB being permanently eliminated from circulation.
The spike in the burn metric coincided with the submission of the first-ever spot Shiba Inu ETF by a prominent U.S. investment firm that manages over $1.7 trillion in assets.
Also Read: Shiba Inu Burn Skyrockets 2,033%, 5.7 Million SHIB Sent to Dead Wallets
This development has not only thrust SHIB back into the spotlight but also positioned it alongside leading crypto assets such as Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), XRP, and Solana in SEC filings.
After several days of downturn, SHIB has witnessed a revival in its burn activity, indicating increased demand amid rising optimism within the SHIB ecosystem.
This change in sentiment is mirrored in the Shiba Inu price, which has experienced a slight resurgence, climbing 2.49% over the last day.
Why It Matters: The burning of Shiba Inu tokens is a significant event as it reduces the supply of SHIB, potentially increasing its value. The filing of the first Shiba Inu ETF has also sparked renewed interest in the meme token.
This move by a major U.S. investment firm not only validates the potential of SHIB but also brings it into the mainstream, alongside top crypto assets.
The increased burn activity and the subsequent price rise indicate a positive shift in market sentiment towards SHIB, which could lead to further price appreciation in the future.
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