Shiba Inu’s Market Optimism Grows with Proposed SHIB ETF Plans

Shiba Inu, one of the most prominent meme coins functioning atop the Ethereum blockchain, sparked immense curiosity among crypto market enthusiasts across the globe today, February 27, as its burn rate surged significantly. The surge in burn rate promptly garnered noteworthy interest across the broader crypto market as Shiba Inu’s price noted a substantial surge today, ditching a zero from its value, and trading near the $0.00001 mark.

Meanwhile, the Shiba crypto community’s recent advancements to boost the SHIB tokenomics appear to be aiding this upward momentum. The recent buzz curated with a potential SHIB ETF weighing in on the meme coin’s cryptographic venture birthed additional bullish thoughts on Shiba Inu.

Derivatives data unveiled by Coinglass further showcases an uptrend prevailing, with substantial new money entering the market.

Shiba Inu Mirrors Optimism

According to the data revealed by the burn tracker Shibburn, Shiba Inu’s burn rate soared 59.89% today, with the community jotting down the destruction of 5.10 million SHIB in the past 24 hours. With this burning chronicle coming into play, the current circulating supply now equals 581.45 trillion SHIB, while the total amount burnt totals 410.70 trillion SHIB.

As the supply continues to take a hit with noteworthy incinerations of SHIB, usual market sentiments convey a sense of optimism for the token. Moreover, with the Shiba crypto community’s plans to launch a potential SHIB ETF along with Grayscale hovering over the crypto horizon, the meme coin further garners market optimism.

Meanwhile, the community’s recent monumental developments, such as the partnership with K9 Finance and the SHEboshi launch, marked a torrent of breakthroughs for Shiba Inu.

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Shiba Inu Price Soars

As of writing, the Shiba Inu price witnessed a substantial uptick of 8.14% in the past 24 hours and is currently trading at $0.00001049.The meme coin as a result ditched a zero from its value once again, amassing noteworthy attention. Concurrently, SHIB’s market capitalization and 24-hour trading volume surged by 7.45% and 249.41% to $6,179,609,738 and $583,429,195 respectively.

The derivatives data illustrated in addition a 17.49% upswing in the token’s open interest, reaching $34.67 million, whereas volume surged a staggering 230.79%, reaching $68.66 million. This hinted at an uptrend in the broader crypto market, mirroring the surge in price witnessed today.

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