Shiba Inu surged by 6% in the past 24 hours, riding the wave of Bitcoin’s rise to $35,000, fueled by market excitement over the possible approval of a Bitcoin Spot ETF.
According to Shibburn’s data, SHIB’s surge can be attributed to a significant increase in the SHIB token burn rate, which skyrocketed by an astonishing 434% in the last 24 hours after the burning of more than 145 million SHIB tokens.
Cryptocurrency burning is the process of sending tokens to an inaccessible address to remove them from circulation permanently. This process helps reduce the total supply of the cryptocurrency, thereby boosting the value of the tokens.
SHIB’s Trading Volume Skyrockets
SHIB’s trading volume witnessed a significant increase of over 150% in the last 24 hours, reaching $295 million, according to Coingecko’s data. Similarly, SHIB’s market capitalization rose by 3.4% to $4.5 billion within the past 24 hours.
At the time of writing, SHIB is trading at 0.0000077, and various indicators, including ADX and the 10 and 55-period EMA in 4-hour timeframes, predict a continuation of SHIB’s upward movement.
However, the price increase of SHIB is closely tied to the current bullish momentum of the market as outlook of a breakout to the coveted $0.001 SHIB price point gets heated. If the market’s primary cryptocurrency experiences a downturn, SHIB will likely follow suit.
Bitcoin Hits $35,250 – Is Spot ETF Approval Approaching?
Yesterday, several significant news events emerged, driving Bitcoin’s price to a peak of $35,250. This increase occurred after the Depository Trust & Clearing Corporation (DTCC), recognized as the world’s largest clearinghouse and custodian of securities, responsible for handling trillions of dollars in daily transactions, listed BlackRock’s ETF ticker, known as iShares Bitcoin Trust ($IBTC).
Eric Balchunas, a Bloomberg ETF analyst, emphasized the significance of BlackRock’s move, as $IBTC became the first Bitcoin spot ETF to be listed on the DTCC, lending more weight to its ETF application, which is still under review by the Securities and Exchange Commission (SEC).
Furthermore, as recently reported by ZyCrypto, the approval of a Bitcoin ETF may be closer than it seems. Yesterday, a judge ordered the SEC to reevaluate Grayscale’s application for a Bitcoin spot ETF following their legal defeat in August. Therefore, the current question is not whether the SEC will approve a Bitcoin Spot ETF but when they will do so.