SHIB Exec Points To Exchange Presence As ETF Factor

Lucie, who serves as a marketing lead for Shiba Inu, posted on X that SHIB has the right qualities to become an ETF.

A Shiba Inu marketing executive has sparked talk about a possible ETF for the popular meme cryptocurrency. Her recent comments come as the token saw its burn rate jump by more than 8,000% in a single day, according to market watchers.

SHIB Exec Points To Exchange Presence As ETF Factor

Speaking on X, known previously as Twitter, Lucie, who serves as a marketing lead for Shiba Inu, stated that SHIB has the right qualities to become an ETF.

Highlighting the fact that the cryptocurrency is currently available on over 110 exchanges with 212 trading pairs, Lucie pointed out that this wide presence makes it a strong candidate for an exchange-traded fund.

Her comments have sparked interest as investors are anticipating which cryptocurrencies might be next in line for ETF approval. Several recent filings have fueled this speculation.

According to reports, Canary Capital recently filed an S-1 form with the US Securities and Exchange Commission (SEC) to launch a SUI ETF.

The SEC has also acknowledged Grayscale’s filing for a Dogecoin ETF, further increasing talk about similar opportunities for other meme coins. Some market watchers have suggested that BlackRock might file for a Dogecoin ETF, though this remains unconfirmed.

These developments have led to an atmosphere where investors are considering which cryptocurrencies might next receive ETF treatment.

Massive Jump In SHIB Burn Rate Catches Attention

As ETF discussions picked up steam, SHIB saw its burn rate increase by 8,457% on Monday. Based on data from tracking sites, more than 1 billion SHIB tokens were permanently removed from circulation in a 24-hour period.

The burn mechanism works by sending tokens to a specific address where they can never be retrieved, effectively reducing the total supply. After this large burn, the circulating supply stands at 584.35 trillion coins.

Cryptocurrency markets often react positively to supply reductions, following basic supply and demand principles that suggest fewer available tokens might lead to price increases.

However, despite the excitement around potential ETF developments and the dramatic SHIB burn rate increase, the meme coin saw just a 1% price increase, reaching $0.00001303 at the time of writing.

The price ranged from $0.0000128 to $0.00001309 over the previous 24 hours, showing limited volatility despite the news.

Meanwhile, market data from Coinglass shows growing interest in SHIB derivatives. The open interest in Shiba Inu futures increased by 3.5% to $120 million, while trading volume jumped 20% to $70 million.

These indicators suggest that traders are now paying close attention to the meme coin — even if the price hasn't yet reflected the optimism expressed by community figures and some investors.

While a Shiba Inu ETF would provide some boost to the appeal of Shiba Inu, regulatory approval remains up in the air. The SEC has only recently approved Bitcoin and Ethereum ETFs after years of applications, suggesting that meme coins may face a long road to similar recognition.