Altcoin
Over 81 Mln SHIB Destroyed As Burn Rate Spikes 4000%, What’s Next?
![](https://coin2049.io/wp-content/uploads/2024/05/1714982730_shiba-inu.jpeg)
Shiba Inu, a prominent dog-themed meme coin in the crypto sphere, has once again sparked significant interest. Today, May 6, the crypto saw a remarkable 4000% surge in its burn rate, a development that has birthed optimism surrounding the token’s future price movements.
Despite a monthly price correction witnessed by SHIB, the token appears to have defied usual bearish market sentiments with a stockpile of upgrades to jack up its cryptographic venture. Now, with the abovementioned development further weighing in, the token trades primarily in the green today, reflecting the spike in its burn rate and recent bullish market statistics.
Shiba Inu Burn Rockets 4000%: Here’s Everything
According to the tracker Shibburn’s insights, 81.64 million SHIB was burnt in the past 24 hours, resulting in a 4085.94% surge in the burn rate. This initiative kills Shiba Inu’s supply in the market, aiming to bolster the token’s future market dynamics.
Notably, the dog-themed meme coin’s sluggish market performance is primarily attributed to its excessive market supply. Concerning this, the Shiba crypto community’s token burn mechanism burns SHIB tokens to erase the supply, as in the development mentioned above.
This has injected a dose of optimism into Shiba Inu’s price movements ahead. In context, following the law of supply and demand, the token burn mechanism could potentially lead to a time when the reduced supply substantially raises the token’s demand and price.
Meanwhile, falling in line with the burn rate spike, SHIB traded in the green, further accompanied by recent developmental endeavors.
Also Read: Binance Futures Set To Delist These Cryptos, What Next?
Shiba Inu Price Springs
As of writing, the Shiba Inu token has been noted to have gained 1.40% in the past 24 hours and currently stands at $0.00002489. The token’s weekly charts illustrate a 6.37% surge in value, aligning with the coin’s recent advancements.
Notably, the token’s community revealed Heimdall hard fork for Shibarium last week, jacking up faster block processing and more predictable transaction fees. Further, despite massive SHIB selloffs recorded, the coin showcased resiliency, maintaining its upward momentum.
Coinglass data illustrated a 3.33% jump in SHIB’s open interest, adding a splash of optimism to the crypto. This, coupled with the continued decline in SHIB liquidations, further curated an optimistic frenzy for the dog-themed meme token, illustrating a constant reduction selling pressure.
Although short-term volatility might be expected, aligning with broader market trends, the token remains potentially poised for significant gains in the long run, aligning with the abovementioned developments and post-BTC halving sentiments.
Also Read: Pepe Coin: Smart Money Buys 143 Bln PEPE, $0.00001 On The Horizon?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
VanEck Files Spot Ethereum ETF S-1 Amendment
![](https://coin2049.io/wp-content/uploads/2024/07/Ethereum-ETF-1.jpg)
Investment management firm VanEck has filed its amended spot Ethereum ETF S-1 to the Securities and Exchange Commission (SEC). This comes after the Commission returned forms to issuers seeking minor changes. As the race to a potential listing in the summer nears, issuers place final touches on these investment vehicles.
VanEck Amends Ethereum ETF S-1
VanEck has filed its amended S-1 with the financial regulator with experts pointing to a near final approval date. The SEC approved 19b-4 filings of eight potential issuers in May but has delayed the final S-1 application with Gary Gensler point to a date this summer.
As investors anticipate trading spot Ethereum ETFs in the United States, firms are set to release updates to their fee structure. VanEck is aiming to trade under the “ETHV” ticker as users expect low fees. This development sparked a frenzy along social media spaces as bulls look to a future change in market sentiments.
Last week, Bitwise filed its S-1 amendment with a 6-month waiver of up to $500 million while other issuers are expected to submit applications today. Nate Geraci, the President of ETF Store noted that with amendments, institutions are gearing up for a potential launch in a week or two.
VanEck spot eth ETF S-1 amendment is in…
Already knew fee… 20bps. https://t.co/kUUfNg4Fpq pic.twitter.com/seMJzkv88Y
— Nate Geraci (@NateGeraci) July 8, 2024
Similarly, Bloomberg’s analyst Eric Balchunas who previously expressed a near-term approval time frame for these products added that they put the ball in the regulator’s court. “First S-1 just rolled in today from VanEck.. they already had their fee so nothing to see here really, they just putting the ball back in SEC’s court. Expecting the rest today except for Bitwise who did theirs last week.”
Users Anticipate Approvals
Ethereum users look forward to spot ETF listings in a bid to attract massive institutional inflows to the asset. Drawing lines with the approval of Bitcoin ETFs, ETH holders anticipate price upswings to wipe out previous losses. Ethereum trades at $2,983, down 20% from the approval of 19b-4 applications.
Also Read: UBS Raises NVIDIA Price Target to $150, How Will AI Coins React
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Chainlink Whales Bag Over 6.2M Coins Amid LINK Weekly Correction, Rebound Ahead?
![](https://coin2049.io/wp-content/uploads/2024/07/Chainlink-1.png)
Chainlink whales have taken the crypto market by storm, accumulating colossal amounts of LINK amid a weekly correction taken by the token. In a post shared by the renowned crypto market analyst Ali Martinez today, July 8, it was pointed out that whales bagged a staggering 6.2 million LINK over the past week.
This on-chain data has glimmered significant optimism on the crypto’s future price run. Here’s a brief report on the data and why it adds a bullish tint to LINK.
Whales Sack $76M Worth Coins
According to data spotlighted by Ali Martinez, Chainlink whales took action to hoard over 6.2 million LINK, worth $76.88 million, in the past seven days. LINK’s weekly chart illustrated a 9.71% fall at press time, with price dipping as low as $11.17 in the past seven days, per CoinMarketCap’s data.
This waning price action appears to have urged a potential buy-the-dip strategy among crypto market whales, driving the abovementioned accumulation. Usual market sentiments convey optimism for the crypto, hinting at large-scale investors’ confidence in the asset’s potential to pump ahead.
Meanwhile, recent data by Santiment highlighted that LINK’s 30-day MVRV rested at 11.1%, hinting that the asset is an opportunity zone. For context, the lower the MVRV, the more undervalued an asset, paving the path for buyers to enter the LINK market and pump the coin.
Also, despite the weekly dip in price, LINK has regained an upward momentum today, aligning with the accumulations and MVRV.
Also Read: XRP Whale Moves 37M Tokens As Lawyer Reveals Ripple Vs SEC Timeline
LINK Price Soars
At press time, the LINK price showed a 4.71% upswing in the past 24 hours and is currently resting at $13.44. The token’s 24-hour slumps and peaks were $11.83 and $13.44, underlining the presence of turbulency in tandem with broader market trends.
Nonetheless, Coinglass data spotlighted a market uptrend for Chainlink, as its Futures OI and derivatives volume surged remarkably. LINK’s OI jumped 5.60% to 157.16 million, whereas the derivatives volume surged 56.70% to $423.68 million. This data indicated increased investor interest in the asset and increased derivatives market activity.
However, the RSI rested along the 46 mark, hinting at broader asset neutrality. This hints at an uncertain movement for the token ahead, although on-chain data has projected a ray of optimism on the coin’s long-term prospects.
CoinGape Media’s recent price analysis hinted that Chainlink (LINK) price might even be poised to hit $20 amid bullish support gained by on-chain factors.
Also Read: German Govt Moves 1000 Bitcoin To Coinbase & Other Addresses
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Matrixport Reveals Ethereum ETF Launch Timeline, Bernstein Targets ETH To $6,600
![](https://coin2049.io/wp-content/uploads/2024/05/Spot-Ethereum-ETF_1.jpg)
With all eyes on a spot Ethereum ETF approval for listing and trading by the U.S. SEC, experts predict high odds of approval this month. Crypto financial services firm Matrixport believes the Securities and Exchange Commission might approve Ether ETF by this week as the deadline for issuers to submit amended S-1 filings is Monday.
Ethereum ETF Approval Likely This Week
In a new update on July 8, Matrixport reported that the SEC will likely approve Ether ETF this week. The United States will have an exchange-traded fund tracking the spot price of Ethereum.
Matrixport expects swift progress similar to May when the SEC suddenly asked spot Ethereum ETF issuers to revise their applications. After 19b-4 filings by issuers, the SEC instantly approved them in the next three days. The S-1 applications were probably delayed due to the July 4 holiday and the long weekend.
CoinGape reported that the SEC delayed Ethereum ETF launch with a few comments, pushing the S-1 deadline to July 8. ETFstore President Nate Geraci said the last round of S-1 revisions was quite “light” and believes Ethereum ETFs will start trading in the next two weeks.
BlackRock, Fidelity, Grayscale, Hashdex, VanEck, and Invesco are anticipated to submit S-1 filing to the U.S. Securities and Exchange Commission (SEC).
Also Read: EtherFi Foundation Buys ETHFI, Passes Major Staking Proposal On Ethereum Mainnet
ETH Price To Witness Massive Rally?
Matrixport predicts a recovery in Ethereum price to $3,400 after the approval by SEC. The company forecasting a nearly 12% sharp jump based on analysis that ETH price rallied 20% after the SEC approved 19-b filings.
Whereas, $725 billion asset manager Bernstein earlier gave a long-term ETH price target of $6,600. The firm reported that ETH will reach this price after spot Ethereum ETFs approval by the SEC. Notably, the estimate is based on a 75% rally in Bitcoin products in January following weeks of ETFs approval. Bernstein analysts expect a similar price action for Ethereum.
ETH price rose 2% in the past 24 hours, with the price currently trading at $3,068. The 24-hour low and high are $2,826 and $3,090, respectively. Furthermore, the trading volume has increased further by 57% in the last 24 hours, indicating a rise in interest among traders.
Also Read: XRP Whale Moves 37M Tokens As Lawyer Reveals Ripple Vs SEC Timeline
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
-
NFT4 weeks ago
New And Upcoming NFT Projects
-
Market3 weeks ago
TON Foundation’s Plan to Onboard 500 Million Users
-
Blockchain2 months ago
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
-
Regulation2 months ago
CFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
-
Altcoin3 weeks ago
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
-
Regulation2 months ago
Terraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
-
Market4 weeks ago
Avalanche (AVAX) Under Pressure: Prolonged Downtrend Next?
-
Altcoin3 weeks ago
2.52 Million Altcoins Are Ruining Crypto’s Future
✓ Share: