386 Million SHIB Burned as SHIB ETF Petition Keeps Attracting New Votes

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Written By Maya Cantina

Tue, 12/03/2024 – 11:27

Cover image via www.freepik.com

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Data recently shared by the Shibburn tracking platform shows that since yesterday morning, the Shiba Inu community has made significant progress in removing SHIB meme coins from the circulating supply by locking them in dead-end blockchain addresses without any chance of ever withdrawing or spending those SHIB.

While the SHIB burn increase is not a big one, the amount of SHIB coin that has been scorched is pretty impressive, counting almost 400 million of them.

Close to 400 million SHIB sent to burner

The aforementioned data source shared that an impressive amount of 386,077,185 SHIB meme coins was moved to “inferno” wallets over the period of the last 24 hours by various SHIB enthusiasts and entities. All of them remain anonymous, per Shibburn. Despite this large amount of coins transferred to unspendable wallets, the burn rate increase was not that big – merely 29.22%.

almost 400 million SHIB burned
Image via Shibburn

The largest burn transaction here has so far been 272,886,442 SHIB. The second-largest one carried 99,674,355 Shiba Inu.

Recent 15,608% SHIB burn jump

Over the past three days, the SHIB burn rate has demonstrated a mind-blowing percentage rise; the first one showed a 15,608% increase. As for the weekly rise, it constituted 6,478% thanks to all the SHIB chunks burned over the last week.

On March 9, the SHIB community was taken aback by a massive burn of not only SHIB but also of BONE and LEASH tokens. These massive burns were conducted by the Shiba Inu team with 13,610,153,841 SHIB. At the current Shiba Inu exchange rate, this is the equivalent of $446,685.

This massive SHIB burn constituted two transactions, which carried 9.6 billion and 3.8 billion SHIB. The team also sent to the furnace 19,551 BONE and 28.7 Doge Killer (LEASH).

SHIB ETF petition gains traction

Recently some members of the SHIB army started a petition on the change.org platform to urge Grayscale to launch a Shiba Inu exchange-traded fund (ETF).

By now, the amount of signatures left under this petition has surpassed the initial target on 5,000 and stands at 5,794, targeting 7,500. Grayscale has recently converted one of its major cryptocurrency Trusts (GBTC) into a spot Bitcoin ETF. It has also applied to do the same with its Ethereum Trust (ETHE).

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