SHIB ETF: Shiba Inu, a meme coin, saw a big increase in popularity as it removed a zero from its price once more. SHIB burn rate increased by around 60%.
Among the most well-known meme coins operating on the Ethereum network, Shiba Inu caused a great deal of interest among those who follow the cryptocurrency market worldwide today, February 27, due to a notable increase in its burn rate. The increase in burn rate immediately attracted attention from the larger cryptocurrency market, since Shiba Inu’s price saw a significant increase today, eliminating a zero from its value and trading close to the $0.00001 threshold.
The latest developments made by the Shiba cryptocurrency community to improve the SHIB tokenomics seem to be contributing to this increasing trend. Further bullish ideas about Shiba Inu were sparked by the recent talk surrounding a possible SHIB ETF that was weighing in on the meme coin’s cryptography enterprise.
Shiba Inus Reflects Hope
Shiba Inu’s burn rate increased to 59.89% today, according to statistics from the burn tracker Shibburn. Over the course of the last day, the community reported that 5.10 million SHIB had been destroyed. The amount burnt totals 410.70 trillion SHIB, but the current circulating supply is 581.45 trillion SHIB as a result of this burning record.
Despite notable SHIB incinerations that have negatively impacted supply, general market sentiment indicates that the token is still expected to perform well. Furthermore, the meme coin boosts market optimism because the Shiba crypto community is planning to establish a possible SHIB ETF and Grayscale is on the horizon.
Meanwhile, Shiba Inu experienced a wave of breakthroughs following the community’s recent historic milestones, such the introduction of SHEboshi and the partnership with K9 Finance.
Shiba Inu Cost Rises
As of this writing, the price of the Shiba Inu has increased significantly during the last day by 6.14%, to $0.00001023.Once again, the meme currency lost a zero from its value and gained significant attention.
The token’s open interest increased by 17.49% to $34.67 million, according to the derivatives data, while volume increased by an astounding 230.79% to $68.66 million. This suggested an upward tendency in the overall cryptocurrency market, reflecting the current price rise.