Shiba Inu Rides Bitcoin's $34K Wave, SHIB Burn Rate Rockets 600% Amid Market Frenzy
Portfolio Pulse from Mehab Qureshi
Shiba Inu (SHIB) has seen a 6% increase and a 600% spike in token burn rate amid a wider market rally due to optimism surrounding potential approval of Bitcoin (BTC) spot ETFs. The trading volume of SHIB surged by 147.39%, reaching $245 million within a 24-hour period. This coincides with Bitcoin's recent milestone of surpassing $34,000. The price movements align with a significant development related to the highly anticipated spot Bitcoin ETF by BlackRock, known as the iShares Bitcoin Trust.
October 24, 2023 | 4:58 am
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Bitcoin's price surpassed $34,000, contributing to a wider market rally. The price movements align with a significant development related to the highly anticipated spot Bitcoin ETF by BlackRock.
The news of Bitcoin surpassing $34,000 and the potential approval of spot ETFs has created a positive sentiment in the market, which could drive the price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Shiba Inu has seen a 6% increase and a 600% spike in token burn rate amid the wider market rally. The trading volume of SHIB surged by 147.39%, reaching $245 million within a 24-hour period.
The increase in Shiba Inu's price and trading volume, along with the spike in token burn rate, indicates a positive sentiment in the market, which could drive the price up in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100