Shiba Inu Rides Bitcoin’s $34K Wave, SHIB Burn Rate Rockets 600% Amid Market Frenzy

Shiba Inu (CRYPTO: SHIB), a meme coin, has observed a 6% increase in the last 24 hours, as a wider market rally ensues due to optimism surrounding the potential approval of Bitcoin (CRYPTO: BTC) spot ETFs.

What Happened: According to data from Shibburn, a Shiba Inu burn tracker, over 121 million SHIB tokens were burned, resulting in a significant spike of 600% in the burn rate within the past 24 hours. This burning process helps reduce the supply of SHIB.

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Furthermore, the trading volume of SHIB has seen a notable surge of 147.39%, reaching $245 million within a 24-hour period. 

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Shiba Inu’s surge, along with the rise of other altcoins and meme coins, coincides with Bitcoin’s recent milestone achievement. Bitcoin, the foremost cryptocurrency by market capitalization, surpassed the significant threshold of $34,000 on Tuesday morning. This surge in Bitcoin’s price has generated excitement among investors and traders, contributing to the overall market rally.

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Why It Matters:  The current price movements align with a significant development related to the highly anticipated spot Bitcoin ETF by BlackRock, known as the iShares Bitcoin Trust. This ETF recently made an appearance on the list curated by the Depository Trust and Clearing Corporation (DTCC). 

Eric Balchunas, a senior ETF analyst at Bloomberg, emphasized the importance of this development, noting that the iShares Bitcoin Trust is the first spot ETF listed on the DTCC, setting it apart from others that are not yet present. Balchunas further explained that BlackRock’s involvement in seeding, tickers, and DTCC listing typically signifies the impending launch of an ETF. This signifies BlackRock’s confidence in the ETF’s approval, suggesting that it could be imminent.

Price Action: At the time of writing, SHIB was trading at $0.000007541, up 4.61% in the last 24 hours, according to Benzinga Pro.

Photo by Dennis Diatel on Shutterstock

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