Altcoin
Shiba Inu Coin Burn Rate Soars 3010% With 232M SHIB Burned
During the prevailing bearish trend, the Shiba Inu (SHIB) meme coin has witnessed a remarkable increase in its token burn rate. Data from Shibburn, a platform that monitors the burning of SHIB tokens, shows a surge of nearly 3010% on Wednesday, June 12. Moreover, more than 232 million SHIB tokens were incinerated by the community.
Shiba Inu Coin Burn Rate Skyrockets
This significant rise in token burning occurred during a period when the Shiba Inu coin price was declining. By decreasing the circulating supply of SHIB, the burn rate has the potential to boost the token’s value. Over the past day, the SHIB token burn rate skyrocketed by an astounding 3010%, as per Shibburn’s data.
During this timeframe, the Shiba Inu community collectively burned 232.64 million SHIB tokens through multiple transactions. Furthermore, one wallet address stood out as the SHIB burn rate shot up. The wallet address, 0xd9a…, burned a whopping 225.63 million SHIB tokens by transfer to a dead wallet in a single transaction.
Additionally, two other wallets made significant contributions by burning over 1 million tokens across various transactions. The second wallet, 0xa9d…, moved 3.18 million SHIB coins to a dead wallet via two transactions. In addition, another address, 0xc58…, shifted 1.69 million SHIB to a dead wallet.
Other Shiba Inu community members also contributed by conducting several smaller token burns, further increasing the burn rate. As a result, the total number of burned SHIB tokens has reached an impressive 410.72 trillion.
Potential Impact On SHIB’s Price
As of now, the SHIB price has dropped by 2.36% to $0.00002196 on Wednesday. Whilst, the Shiba Inu meme coin holds a market capitalization of $12.96 billion. In contrast, the 24-hour trading volume for SHIB increased by 30.12% to $816.98 million. This spike could likely be due to a surge in selloffs as $1.34 million long liquidations were noted in the past 24 hours.
Currently, Shiba Inu price is way lower than the crucial resistance point of $0.000025. According to an earlier report by Coingape, surpassing this threshold could allow the SHIB price to rise to $0.00003 in the near term. Furthermore, this upward movement could potentially drive the value of Shiba Inu to $0.00005 if the momentum sustains.
In addition, sustaining the $0.00005 level could push the cryptocurrency towards the ambitious target of $0.0001. However, to be fair, SHIB is still far from reaching its all-time high of $0.00008845. Moreover, the prevailing trend remains bearish.
Hence, the SHIB price must recover above $0.000025 to achieve these high-end goals, which is much higher than its all-time high. This recovery could be spurred by the rapid burn rate and the anticipation surrounding the Shiba Inu ETF, though nothing is certain.
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.
As we proceed into July, the biggest question for the crypto community is when will the spot Ethereum ETF go live for trading. Nate Geraci, president of The ETF Store, predicts the Ethereum ETFs to go live by the 15th of July.
Geraci stated that with the revised S-1 submission for Ethereum ETFs to happen in July, the final S-1 approval from the SEC could arrive around July 12. Thus, July 15, Monday, would be the most probable day to begin trading Ether ETFs.
Wen spot eth ETF?
BBG sticking w/ mid-July.
Amended S-1s due July 8th.
Potential final S-1s by July 12th.
Would theoretically mean launch week of July 15th.
via @emily_graffeo @olgakharif pic.twitter.com/NG8xhtCP21
— Nate Geraci (@NateGeraci) July 3, 2024
Issuers to Address SEC Query On Spot Ethereum ETF
Last Friday, the US SEC returned the S-1 filings to issuers to address some minor questions. Sources familiar with the matter stated that the issuers have been already working on it. As we know, in May, the SEC approved the 19b-4 filings to list the Ether ETFs on exchanges. However, they can only go live for trading after the SEC approves the S-1 submissions.
Steve Kurz, head of asset management at Galaxy Digital, expected the Ether ETF approval in the next couple of weeks. Speaking to Bloomberg TV on Tuesday, July 2, Kurtz said:
“This is window-dressing, the SEC is engaged. We’ve been doing this for months now. We did it for the Bitcoin ETF, the products are substantially similar — we know the plumbing, we know the process.”
Now the bigger question in everyone’s mind is will the Ether ETF prove to be a strong catalyst to drive the crypto market higher?
Also Read: Why Are Ethereum Institutional Products Depleting Before ETF Launch?
Ethereum to Outperform Bitcoin
On Tuesday, K33 Research published a report stating that Ethereum would be outperforming Bitcoin post the ETF approval. As per K33, the launch of Ether ETfs would absorb nearly 0.75% to 1% of all ETH in circulation within the initial five months. This expectation is in line with that of Gemini which predicted $5 billion inflows within the first six months of launch. K33 senior analyst Vetle Lunde said:
“ETFs are a solid catalyst for relative ETH strength as the summer progresses and flows accumulate, and I firmly view current ETH/BTC prices as a bargain for the patient trader.”
The ETH/BTC ratio steadily declined from 0.056 after the Bitcoin ETFs launched, reaching 0.046 by May 24. However, unexpected news that the SEC would soon approve Ethereum ETFs boosted the ratio back up to 0.055.
Also Read: ETH/BTC Price Prediction: ETF Hype, FOMO and Ethereum Price Imminent Rally To $5,000
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.
The crypto market fluctuations continue to dominate the market while assets like Toncoin and Cardano move away from bearish sentiments. In the past week, most top assets traded sideways after exits recorded by institutional investors in the market. The status quo saw Bitcoin (BTC) price hovering around $61,000 before attempts at a rebound.
Toncoin and Cardano have shown promise ahead of the market outpacing top crypto assets by market capitalization. At press time, the market cap slumped 1.42% to $2.29 trillion with Bitcoin and Ethereum posting 24-hour losses. Major drivers of TON and ADA prices are bullish on-chain factors and key industry developments.
Toncoin Leads Asset Gainers
Toncoin soared 4.5% in the last 24 hours, leaving the wider market in the dust and adding to its recovery numbers. In the last seven days, TON moved up 8% wiping out previous losses. While most monthly numbers dropped for most assets, TON continued to soar hitting 22%. The asset flipped Dogecoin to become the 8th largest crypto by market cap inching closer to a new all-time high.
TON price stands at $8.05 taking its market cap to $19.8 billion while volumes are up 57% today. Last month, Toncoin tapped a new all-time high at $8.24 and remains 2.37% behind the mark. With rising bullish interest, some users expect the asset to break that level.
Toncoin recorded traction as Kazakhstan exchanges began trading the asset following regulatory approval. Similarly, Pantera Capital also increased its investment in Toncoin.
Cardano Attracts Growth
The community dubbed ETH killer jumped 3.5% to trade at $0.418 pushing its market capitalization to $14.9 billion. Weekly numbers were up 6% while daily trading volumes saw a slight increase. Overall, ADA’s recent bullish following anticipated network upgrades and a rise in on-chain volumes. The asset is tipped by bulls to breach the current resistance level despite market fluctuations.
Also Read: Why Are Ethereum Institutional Products Depleting Before ETF Launch?
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.
The U.S. Securities and Exchange Commission (SEC) may soon approve the first American Ethereum ETFs. Asset managers remain hopeful for a decision by mid-July, even as the deadline for updated submissions has been extended to July 8. This development could mark a significant milestone following the enthusiastic reception of the U.S. spot Bitcoin ETFs earlier this year.
SEC Nears Approval for First US Ethereum ETFs
The SEC’s recent interactions with Ethereum ETFs applicants suggest a constructive dialogue, with the latest round of feedback involving only minor queries. In May, the commission had already approved an exchange proposal to list these products, signaling forward momentum. However, actual trading cannot commence without a separate, subsequent approval.
Financial giants like BlackRock Inc., Fidelity Investments, 21Shares, and Invesco are among those awaiting the green light for their Ethereum ETFs. While many details, such as fund fees, remain undisclosed, the anticipation builds on whether these Ether portfolios will mirror the demand seen in January when U.S. spot Bitcoin ETFs attracted $52 billion in assets.
Also Read: Robinhood Plans to Introduce Crypto Futures In US and Europe Very Soon
YieldMax Seeks SEC Nod for Ether ETF
YieldMax has recently joined other firms seeking SEC approval for an innovative Ether-based product. Their proposed Ether Option Income Strategy ETF, intended for listing on the NYSE Arca, employs a synthetic covered call strategy designed to capitalize on the volatility of underlying Spot Ethereum ETFs. This approach aims to generate profits and provide additional income and risk management for investors through the sale of call options.
Meanwhile, firms like Franklin Templeton and VanEck have already disclosed their ETF fees, which are competitively set at 0.19% and 0.20%, respectively. This transparency could set a precedent for others in the sector, aligning with investor expectations for clear and upfront cost structures.
As the SEC review process continues, the market response has been mixed. Ethereum price has recently declined, dropping about 1.48% to $3,411.87, although it has risen by 50% this year. The cryptocurrency sector’s volatility remains critical for potential investors and regulatory bodies.
Also Read: Tether Inks MoU With BTguru to Boost Crypto Freedom in Turkey
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.
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