Executive Lucie stated that due to the strong market vitality of the Shiba Inu token, the launch of a Shiba Inu ETF is possible. Will the price of SHIB rise?

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This Monday, a prominent SHIB community executive highlighted the possibility of the approval of the Shiba Inu (SHIB) ETF, sparking widespread discussion in the market. Notably, marketing director Lucie revealed key factors that make this dog-themed meme coin an ideal choice for an ETF product. Against the backdrop of growing global support for cryptocurrencies, traders and investors anticipate that if this feat comes to fruition, the price of SHIB will rise. Meanwhile, the burn rate of dog-themed tokens surged an astonishing +8000%, further solidifying market bullish sentiment towards the price.

Is the Shiba Inu ETF filing feasible? Lucy's post sparks optimism

According to Lucie's recent post on X, the dog-themed meme coin exhibits strong characteristics that make it an ideal choice for the Shiba Inu ETF. Lucie revealed that this meme coin has 212 trading pairs across more than 110 exchanges, covering all major cryptocurrency trading platforms.

Based on this, the marketing director described this cryptocurrency as an excellent choice for ETF products due to its global accessibility. 'SHIB is not just a meme — it is decentralized, community-driven, and durable,' she summarized.

These statements have garnered significant attention in the broader market, echoing the wave of optimism sparked by recent ETF applications supporting cryptocurrencies. CoinGape reported that Canary Capital recently filed an S-1 document with the U.S. Securities and Exchange Commission seeking approval for a SUI ETF.

Additionally, the likelihood of approval for the Dogecoin ETF has also increased significantly, as the U.S. Securities and Exchange Commission had previously acknowledged the ETF application submitted by Grayscale. In the context of a growing number of cryptocurrency ETF applications, speculation about BlackRock's submission of a Dogecoin ETF application is also heating up. Overall, these developments inject great optimism into the potential future applications for the Shiba Inu ETF.

The soaring burn rate of SHIB enhances market optimism

This Monday, the burn rate of SHIB surged by 8454%, further strengthening investors' bullish expectations for the price. Over 1 billion SHIB were burned in the past 24 hours, significantly impacting the circulating supply of the meme coin. This reduction in supply, combined with market demand, has driven optimistic sentiment among investors regarding price trends.

In context, the burn mechanism permanently reduces the circulating supply of meme coins by sending tokens to inaccessible addresses. As a result, market sentiment towards future price trends has shifted significantly bullish.

Following this massive loss, the total circulating supply is estimated at 584.35 trillion tokens. Coupled with speculation about the Shiba Inu ETF filing, these developments suggest that a price increase is imminent.

Overview of SHIB Price Today

As of the time of writing, the price of SHIB is up 1%, closing at $0.00001303. In the past 24 hours, the token reached a low of $0.0000128 and a high of $0.00001309. Notably, this upward trend aligns with the recent spike in the burn rate and the growing optimistic sentiment in the market regarding future ETF applications.

Meanwhile, Coinglass data shows that interest in the asset is increasing. The open interest (OI) for Shiba Inu futures rose by 3.5% to $121.69 million. Additionally, derivatives trading volume surged by 24% to $71.18 million. Overall, in the context of a recent spike in the burn rate and an increased likelihood of Shiba Inu ETF approval, market sentiment towards meme coins seems to be bullish.