The Shiba Inu trading volume went through the roof following some notable happenings in the crypto industry. First, Bitcoin price hit $34,000 because of the supposed impending approval of BlackRock spot Bitcoin ETF. Also, Shiba Inu’s burn rate spiked by over 600% in the past 24 hours.
Also Read: Bitcoin Surges Amid BlackRock ETF Rumors
Shiba Inu Records 146% Rise in Trading Volume
First off, the spike of 600% in the Shiba burn rate was reported by Shibburn, a Shiba Inu burn tracker. 121 million SHIB was burned. All of these happened within the last 24 hours. As a result, SHIB token price rose by 6%.
A burn in the crypto ecosystem refers to the deliberate and permanent removal of tokens from circulation to keep their supply stable.
Another noticeable contributor to the 146% rise in Shiba Inu trading volume is that the general crypto market is currently in a frenzy. BlackRock’s spot Bitcoin ETF was listed on the Depository Trust and Clearing Corporation (DTCC). Many analysts believe this is a sign that the SEC may be about to approve the spot Bitcoin ETF. Eric Balchunas, a senior ETF analyst at Bloomberg, is one of those analysts. Unsurprisingly, this spurred the price of BTC over the $34,000 mark.
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Disclaimer:
Please note that this article serves solely for informational purposes. As such, it is not financial advice. We strongly advise readers to conduct thorough research and consult with financial professionals before making any investment decisions.
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