Nearly 8 Million Shiba Inu Vanish After First SHIB ETF Filing Shakes Market

Core Insights - The filing of the first-ever Shiba Inu ETF has led to a significant increase in the burn rate of Shiba Inu tokens, with nearly 8 million tokens incinerated, marking a 208% increase in burn activity within 24 hours [1][2][4] - This event has revitalized interest in Shiba Inu, positioning it alongside major cryptocurrencies like Bitcoin and Ethereum in SEC filings, and indicating a positive shift in market sentiment [3][4][5] Summary by Sections - Burn Activity: A total of 7,943,107 SHIB tokens have been permanently eliminated from circulation, reflecting a dramatic increase in the burn rate [2][1] - ETF Filing Impact: The submission of the first Shiba Inu ETF by a major U.S. investment firm managing over $1.7 trillion in assets has sparked renewed interest in the token, validating its potential [3][5] - Market Sentiment: Following a period of downturn, the increase in burn activity has coincided with a slight price resurgence of SHIB, which has climbed 2.49% over the last day, indicating rising demand and optimism within the SHIB ecosystem [4][6]