In response to marketing lead Lucie’s recent remarks on the SHIB ETF, the Shiba Inu burn rate surged by 2,955% in the past day; yet, the SHIB price continued to fall and showed no signs of rebounding.
The Shiba Inu (SHIB) meme coin has gained notice in the cryptocurrency community despite the current negative trend because of a startling rise in its token burn rate. The platform Shibburn, which keeps track of SHIB token incineration, reports that on Tuesday, June 11, the burn rate increased by about 2955%. In addition, the buzz in the community is a result of recent talks of a SHIB ETF.
Shiba Inu burn rate soars amid SHIB ETF talk
The price of Shiba Inus was declining at the time of this sharp increase in token burning. By decreasing the total amount of SHIB in circulation, the burn rate has the ability to increase the token’s worth. According to Shibburn, the SHIB token burn rate increased by a remarkable 2955.25% in the last day.
7.47 million SHIB tokens were burnt by the Shiba Inu community over this time span in a variety of transactions. Among the surge, two wallet addresses were particularly noticeable. 5.35 million SHIB tokens were moved in two transactions by the first wallet, 0x608…, to a dead wallet.
Moreover, 1.53 million SHIB coins were transferred to a dead wallet by another wallet address, 0xc66. To further increase the burn rate, additional smaller token burning were carried out by other members of the Shiba Inu community. The astonishing sum of 410.72 trillion SHIB tokens have been burnt as a result of these efforts.
Lucie, the head of marketing at Shiba Inu, recently talked about the SHIB ETF. Since the Spot Ethereum ETFs were recently approved, supporters of Shiba Inus have shown a great deal of interest in the matter.
Lucie said she wasn’t sure institutional investors would understand the value of Shiba Inus. “I honestly don’t know if institutions will understand how important SHIB is to people and their future finances.” she said.
She is nonetheless optimistic that large financial institutions such as BlackRock will ultimately see the potential of Shiba Inus. “I wish BlackRock would understand the magic and power of SHIB, but let’s see how visionary they are.” Lucie continued.
Check Out the Latest Prices, Charts, and Data of SHIB/USDT
Will SHIB price rebound?
Shiba Inu has not been able to hold a position above the crucial resistance level of $0.000025 as of yet. In the immediate term, the SHIB price may increase to $0.00003 if it crosses this barrier, per a prior Coingape analysis. Additionally, Shiba Inu’s value might reach $0.00005 due to this increasing trend.
Furthermore, the coin may rise to the lofty goal of $0.0001, if this level is maintained. SHIB hasn’t quite surpassed its top of $0.00008845, though. Furthermore, the general tendency is rather negative. Hence, in order to meet such lofty goals, the price must first rise beyond $0.000025.
There are no guarantees, but the fast burn rate and enthusiasm behind the Shiba Inu ETF may be what propels this rebound. The SHIB price fell 3.45% to $0.00002236 on Tuesday at the time of publication. At the time, the meme coin’s market capitalization was $13.25 billion.
Conversely, SHIB’s 24-hour trading volume increased by 43.05% to $627.17 million, possibly as a result of a sharp increase in selloffs. $561,870 worth of SHIB long liquidations were reported, according to Coinglass, which can cause prices to drop.
SEC starts reviewing ProShares’ spot Ethereum ETF application
ProShares, an asset management, has submitted a spot Ethereum exchange-traded fund (ETF) application to the US Securities and Exchange Commission (SEC).
SEC recognizes ProShares’ spot Ethereum ETF filing
The SEC stated in a June 10 filing that NYSE Arca had suggested changing the rules to enable this listing. The public can now comment on the application for a period of 21 days. The SEC has 45 days to make a decision, maybe by the end of July 2024.
This acknowledgement does not, however, imply endorsement. All it says is that the file has been received and is being examined by the SEC.
ProShares is the next prospective issuer whose 19b-4 papers were authorized in May 2024 to enter the spot Ethereum ETF market. James Seyffart, an analyst for Bloomberg Intelligence ETFs, offered his analysis on the timing of ProShares’ action.
“Instinct initially says this won’t launch on day 1 with the other ETFs whenever that is but who knows. This is interesting. […] It’s intriguing that ProShares is jumping in late though,” he said.
In related news, Ark Invest’s withdrawal from a joint ETF application with 21Shares was authorized by the SEC. With this permission, 21Shares may move forward on its own. The adjustment went into effect right away because the SEC waived the customary 30-day waiting period. The conclusion that it has no appreciable effect on competition or investor protection served as the basis for the judgment.
On May 31, Ark Invest and 21Shares declared their separation. The spot Ethereum ETF will now be known as 21Shares Core Ethereum ETF instead of ARK 21Shares Ethereum (ETH) ETF, according to a recently revised S-1 form.
An Ark Invest representative stated that they would not move forward with an Ethereum ETF without giving a clear explanation. ARK 21Shares Bitcoin ETF (ARKB), Ark’s spot Bitcoin (BTC) ETF, is still functioning, though.
Potential spot Ethereum ETF issuers are still awaiting comment on their May 31 S-1 filings, despite these developments. At least two issuers have not yet received the comments from the SEC, which were originally anticipated by June 7.
Issuers expect comments this week, according to a recent research. This development comes after SEC Chair Gary Gensler said on CNBC that it will “take some time” for S-1 forms to be approved.
The 19b-4 application and the S-1 file are the two phases in the approval procedure for these ETFs. The S-1 variants are being examined right now. Eric Balchunas, an analyst at Bloomberg Intelligence ETF, has earlier hinted that the final clearance would probably come after further round of SEC staff comments for tweaking.
However, the field of cryptocurrency exchange-traded funds has made great strides with the acceptance of ProShares’ spot Ethereum ETF application and the clearance of Ark Invest’s separation from 21Shares. This emphasizes possible commercial expansion and regulatory acceptance.
Roaring Kitty loses $350M in profits as GameStop tanks over 50% in two days
Roaring Kitty has experienced an almost $350 million decline in his income from GameStop (GME) options as the company’s stock price has dropped by 50% in only two days.
Keith Gill, nicknamed Roaring Kitty, the prominent figure behind fueling the GameStop craze, has reportedly had $350 million in earnings wiped away as the GME stock price breaks 50% in the previous two days.
GameStop price tanks 50%
Following a tremendous frenzy earlier in the week, the price of GameStop has experienced a sharp correction during the last two trading days, dropping below $25 and more than 50% from Thursday’s levels.
Keith Gill, popularly known as The Roaring Kitty, has lost nearly $350 million on his GameStop (GME) position in the last four days. Gill was sitting pretty with a $382 million profit on his GME options as of last Thursday.
But by Friday, he had lost more than $235 million, and his position had suffered greatly. Monday saw a further 12% reduction in GME, which had already dropped 40% just before the weekend. Gill has lost almost all of his recent profits due to this price shift, totaling a loss of over $351 million in profit in the last week.
Wedbush GameStop analyst Michael Pachter raised doubts about the company’s ability to make a significant comeback after a number of unsuccessful attempts. Pachter also hinted that GameStop could not get much of a lift from Keith Gill’s involvement.
“We suspect that [Friday’s] live stream from influencer Keith Gill (Roaring Kitty) will keep shares elevated long enough to the company to complete its [at-the-market share offering], but with no clear strategy, we suspect the share price will once again begin to descend and approach our new price target,” Pachter said.
Meme coin GameStop ($GME), which bears no connection to the GameStop company, has surged by about 500% since the beginning of June during the market’s GameStop mania.
But as the enthusiasm around GameStop wanes, the $GME meme currency has also experienced a 25% decline over the past day, closing at $0.01596 with a $109 million market capitalization. In addition, the daily trade volume has decreased to $116 million, a 47% decrease.
