Shiba Inu Rockets on Institutional Adoption and Record-Breaking Burns

Shiba Inu's price has surged by nearly 28% this week, rising to $0.00000567 in 24 hours after being added to a select list of cryptocurrencies supported by Japan's FSA-approved Laser Digital Japan. This move gives SHIB institutional liquidity and broader adoption, beyond its usual meme-coin trading base.

The addition of SHIB to Laser Digital's platform comes alongside a significant spike in burn rates, with over 441% increase in 24 hours. Around 41.8 million SHIB were sent to dead wallets, permanently removing them from circulation.

This surge in burns was accompanied by a sharp drop in exchange netflow, down to 212.3 billion tokens from over 1 trillion, indicating large holders are moving their tokens off exchanges and into private wallets. This shift in supply dynamics could further support the price of SHIB.