Despite facing notable downward pressure in both Shiba Inu (SHIB) and the broader cryptocurrency ecosystem, recent developments occurring on-chain paint a picture of growing resilience and potential for the altcoin. Over the course of the last 24 hours, there has been a substantial increase in the rate at which SHIB tokens are being removed from circulation, coinciding with a pronounced uptick in transactional activity on Shibarium, the altcoin's Layer 2 blockchain platform.

This surge in activity is evidenced by data from Shibburn, which indicates that a staggering 7.7 million SHIB tokens have been burnt, representing an astronomical 13,458.99% increase. This practice of burning tokens is strategic, aiming to bolster scarcity and, subsequently, foster heightened demand and appreciation in the token's market value. At present, an estimated 410.72 trillion SHIB tokens have been rendered permanently inaccessible through burning.

This escalation in the burn rate correlates closely with a significant surge in transactions taking place on the Shibarium blockchain, suggesting a palpable uptick in on-chain engagement. Additionally, insights from IntoTheBlock reveal a noteworthy 28% surge in daily active addresses within the same timeframe, further underscoring the intensified on-chain activity.

However, amidst these encouraging indicators, the market continues to grapple with substantial selling pressure, as evidenced by a considerable 52% decline in large transaction volumes and a marginal reduction in the holdings of long-term investors.

Simultaneously, the Shiba Inu community is actively championing an ETF petition, with just 300 signatures remaining to reach the significant milestone of 10,000. Originally aiming for a modest 1,000 signatures by February 26, the petition has exceeded expectations, garnering overwhelming support from the community. Notably, in the past week alone, 140 new supporters have rallied behind the cause.

This recent surge in signatures is attributable to robust advocacy efforts from SHIB BPP and other community members, who have tirelessly promoted the petition directed at Grayscale Investments CEO Michael Sonnenshein. Since its inception, SHIB BPP and its supporters have been relentless in their efforts to rally others to sign the petition.

As of the latest available data, Shiba Inu (SHIB) is trading at a decrease of 2.33%, amounting to $0.00002235, with a market capitalization of $13.17 billion. Concurrently, daily trading volumes have experienced a notable uptick of 33%, reaching $619.2 million.