Despite the ongoing bearish trend, Shiba Inu (SHIB) has caught the attention of the crypto world due to a staggering increase in its token burn rate. According to Shibburn, the platform dedicated to tracking the incineration of SHIB tokens, the burn rate surged by nearly 2955% on Tuesday, June 11. Moreover, the community is also hyped owing to recent discussions around a SHIB ETF.

This dramatic spike in token burning occurred during a period of downward action in the Shiba Inu price. Over the past 24 hours, the burn rate of SHIB tokens escalated by an impressive 2955.25%, according to Shibburn. During this period, the Shiba Inu community collectively burned a total of 7.47 million SHIB tokens across multiple transactions.

Meanwhile, Shiba Inu's marketing head, Lucie, recently discussed the SHIB ETF. The topic has garnered significant interest among Shiba Inu supporters following the recent approval of the Spot Ethereum ETFs. Lucie expressed her doubts about whether institutional investors would recognize the significance of Shiba Inu, but remains hopeful that major financial entities like BlackRock will eventually appreciate its potential.

Presently, Shiba Inu has failed to maintain a position above the critical resistance level of $0.000025. If the SHIB price surpasses this threshold, it could potentially rise to $0.00003 in the short term, and potentially rally towards the ambitious target of $0.0001. However, SHIB is still far from surpassing its peak of $0.00008845, and the prevailing trend is quite bearish.

At press time, the SHIB price plummeted by 3.45% to $0.00002249 on Tuesday, while the 24-hour trading volume surged 43.05% to $627.17 million, potentially due to the spike in selloffs. According to Coinglass, $561,870 worth of SHIB long liquidations were noted, which could push the prices lower.

The rapid burn rate and excitement surrounding the Shiba Inu ETF might drive a recovery, but there are no certainties. The meme coin held a market cap of $13.25 billion at the time of writing. Whether Shiba Inu's burning ambition can ignite a price recovery remains to be seen.