Shiba Inu ($SHIB) Price Surge as Burn Rate Skyrockets Nearly 600% Amid Crypto Market Frenzy

The price of meme-inspired cryptocurrency Shiba Inu ($SHIB) rose more than 6% over the last 24-hour period amid a wider cryptocurrency market rally that started as optimism on the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States grew.

The rally, which saw the price of Bitcoin reach a 16-month high, was a result of BlackRock’s proposed iShares spot Bitcoin ETF being listed on the Depository Trust & Clearing Corporation (DTCC), which provides post-trading, settlement, custody, and information services for Nasdaq.

The move, according to Balchunas, is part of the process of launching an ETF, and details the fund would trade under the IBTC ticker on the Nasdaq. The analyst noted that the listing is “part of the process of bringing ETF to market,” and that it’s “notably BlackRock is leading charge on these logistics” that tend to happen ahead of launch.

Per his words, it’s hard “not to view this as them getting signal that approval is certain/imminent.” Amid the market frenzy, investors in the meme-inspired cryptocurrency started burning more SHIB, to the point that 123 transactions helped its burn rate surge nearly 600% to 121 million tokens.

In the past 24 hours, there have been a total of 121,178,911 $SHIB tokens burned and 123 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/nIlUkwYg34

— Shibburn (@shibburn) October 24, 2023

The cryptocurrency’s community burns token by moving them to addresses that no one controls – so-called dead addresses – to remove them from circulation and effectively reducing its available supply on the market. If met with stronger demand, the price could theoretically rise as a result.

Some analysts believe that Shiba Inu’s price could rise as adoption grows, and as such the team behind the project has been moving forward with partnerships to allow SHIB’s utility to grow.

As CryptoGlobe reported, last year 162-year-old Swiss luxury watchmaker TAG Heuer started accepting SHIB and DOGE payments, along with ten other cryptoassets for payments. The firm “designs, manufactures and markets watches and fashion accessories, as well as eyewear and mobile phones manufactured under license by other companies and carrying the TAG Heuer brand name”

Earlier this month, blockchain payments system FCF Pay announced that customers of the popular financial behemoth HSBC are now able to pay their mortgage bills and loans using numerous cryptocurrencies, including Bitcoin ($BTC), $XRP, and Shiba Inu ($SHIB).

Featured image via Unsplash.

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