The Shiba Inu burn rate has experienced a remarkable leap of 3,000% in the past 24 hours, based on data from Shibburn. This surge resulted in the burning of 7,912,388 SHIB tokens during this timeframe, contributing to a total removal of 410,726,546,023,229 tokens from the original supply.

Several significant burn events unfolded within the last day, with the most noteworthy burn involving 4,320,587 SHIB tokens just 16 hours ago. Other notable burns include:

• 2 hours ago: 432,718 SHIB burned
• 15 hours ago: 1,538,128 SHIB burned
• 20 hours ago: 1,031,814 SHIB burned

These burn incidents have played a pivotal role in reducing the circulating supply, thereby boosting the burn rate.

Alongside the surge in burn rate, the Shiba Inu community is actively supporting a petition for the establishment of a SHIB-specific Exchange Traded Fund (ETF). In a recent video, crypto influencer Austin Hilton urged SHIB holders to back the petition, aiming to garner 10,000 signatures.

Highlighting the potential for a meme coin ETF and identifying Shiba Inu as a prime candidate, the petition specifically mentions Grayscale Investments as a potential issuer. However, Hilton believes that any reputable firm could potentially create a Shiba Inu ETF.

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To support the Shiba Inu ETF petition, Hilton shared a link in the video description, urging viewers to sign and promote the petition. At the time of the video's release, just 260 more signatures were needed to hit the target of 10,000 supporters.

Emphasizing the essential role of community engagement in driving the petition's success and potentially paving the way for a Shiba Inu ETF, Hilton encouraged viewers to take a moment to sign the petition and contribute.

With the backing of influential personalities like Austin Hilton and the collaborative effort of SHIB holders, the petition for a Shiba Inu ETF holds promise for garnering attention and backing.