The price of the meme-inspired cryptocurrency Shiba Inu ($SHIB) rose more than 6% in the past 24-hour period amid a broader cryptocurrency market rally that began as optimism over the possible approval of a fund Bitcoin Spot Exchange Traded ETF (ETF). In the United States it grew.
The rally, which saw the price of Bitcoin hits 16-month highwas the result of BlackRock's proposed iShares spot Bitcoin ETF listing on the Depository Trust & Clearing Corporation (DTCC), which provides post-trade, settlement, custody and information services for Nasdaq.
The measure, according to Balchunas, is part of the process of launching an ETF and details that the fund would be listed under the symbol IBTC on the Nasdaq. The analyst noted that the listing is "part of the process of bringing ETFs to market" and that "in particular, BlackRock leads these logistics" that tend to occur before launch.
In his words, it is difficult "not to see this as a sign that approval is certain/imminent." Amid the market frenzy, investors in the meme-inspired cryptocurrency began burning more SHIB, to the point that 123 transactions helped its burn rate increase nearly 600% to 121 million tokens.
The cryptocurrency community burns tokens by moving them to addresses that no one controls (so-called dead addresses) to remove them from circulation and effectively reduce their available supply on the market. If faced with stronger demand, the price could theoretically rise as a result.
Some analysts believe that the price of Shiba Inu 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 the 162-year-old Swiss luxury watch maker TAG Heuer started accepting SHIB and DOGE payments, along with ten other crypto assets for payments. The firm โdesigns, manufactures and markets watches and fashion accessories, as well as glasses and mobile phones manufactured under license by other companies and that carry the TAG Heuer brandโ
Earlier this month, blockchain payment system FCF Pay announced that customers of the Popular financial giant HSBC can now pay its mortgage bills. and loans using numerous cryptocurrencies, including Bitcoin ($BTC), $XRP, and Shiba Inu ($SHIB).
Featured image via unpack.
