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Shiba Inu's (CRYPTO: SHIB) strong burn rates and whale interest continue to bolster the meme coin’s potential price trajectory.
What Happened: Shibburn data shows a 155.7% burn rate increase in the past 24 hours, with 72.2 million SHIB burned.
In her latest post, Shiba Inu's marketing lead Lucie detailed why a SHIB ETF would be great and why it is not appropriate for DeFi. Accessibility to Shiba Inu meme coin, regulated and secured products, diversification and rising demand would some of the pros of having a Shiba Inu ETF, she stated.
On the other hand, centralization, direct ownership of the meme coin being lost, reduced engagement, costs and regulations would be potential downsides.
Also Read: ‘Dogecoin Killer’ Shiba Inu Sees Burn Rate Explode 440%: Here’s How It Impacts Technical Analysis
Why It Matters: Santiment data highlighted SHIB accumulation from whales.
Shibariumscan data shows active accounts increasing from 504 on July 9 to 621 on July 10. New transactions spiked from 3,400 to 5,987 and daily transactions rose from 3,400 to 5,990.
IntoTheBlock data notes an 8.9% increase in daily active addresses, while 49% of Shiba Inu holders are currently making a profit.
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.
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Posted In: $SHIB
