Shiba Inu, a meme cryptocurrency, has gone up by 6% in the past day, thanks to a broader market surge. This surge is linked to hopes for the approval of Bitcoin ETFs, which have also seen a 10.2% increase.
According to data from Shibburn, more than 121 million SHIB tokens were burned in the last 24 hours, marking a huge 600% increase in the burn rate. This process reduces the supply of SHIB. Additionally, the trading volume for SHIB has surged by 147.39%, reaching $245 million in a day.
Shiba Inu’s rise, along with other alternative cryptocurrencies and meme coins, coincides with Bitcoin’s recent achievement. Bitcoin crossed the important $34,000 mark, sparking enthusiasm among investors and contributing to a broader market uptick.
These price movements are connected to a significant event involving the eagerly anticipated spot Bitcoin ETF from BlackRock, known as the iShares Bitcoin Trust. This ETF has appeared on the list maintained by the Depository Trust and Clearing Corporation (DTCC).
Eric Balchunas, a senior ETF analyst at Bloomberg, highlighted the significance of this development. He explained that the iShares Bitcoin Trust is the first spot ETF listed on the DTCC, setting it apart from others not yet on the list. BlackRock’s involvement in seeding, tickers, and DTCC listing typically indicates an upcoming ETF launch, indicating BlackRock’s confidence in the ETF’s approval, which could happen soon.
As of now, SHIB is trading at $0.000007541, showing a 4.61% increase in the last 24 hours.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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