As a seasoned researcher with a background in cryptocurrency and blockchain technology, I have closely followed the developments in the world of Ethereum and its impact on the altcoin market over the years. Having witnessed the emergence of Ethereum back in 2015 and observing its evolution into the leading platform for other cryptocurrencies and smart contracts, I believe that today’s launch of Ethereum spot ETFs could mark a significant turning point for the altcoin market.
The SHIB team’s social media marketing guru, recognized as Lucie by her followers, recently shared an optimistic post about altcoins on Twitter, aimed at the Shiba Inu community.
“Altcoin season coming”
With the impending debut of Ethereum-linked ETFs on the market, Lucie is optimistic that this development will bring benefits not just for Ethereum itself, but also for Shiba Inu (SHIB) prices.
I recently came across a video advertisement published by BlackRock, announcing the introduction of Ethereum Exchange-Traded Funds (ETFs) through its iShares brand. I took note of this development and commented: “BlackRock unveils promotional video for investors considering Ethereum ETFs.”
The marketing specialist from the SHIB team is convinced that once eleven Ethereum ETFs start trading on stock markets today, this major occurrence could gradually lead to an altcoin rally. This development would be advantageous for various altcoins, including tokens from the Shibarium ecosystem such as SHIB, BONE, LEASH, and SHEB. “Get ready for big things – Altcoin season is on its way,” Lucie announced on Twitter.
In 2015, Ethereum came onto the scene as the brainchild of Vitalik Buterin and other tech innovators. Unlike Bitcoin, which was launched in 2009 with the goal of creating a decentralized peer-to-peer digital currency in response to the global financial crisis, Ethereum served as the initial platform for the development and deployment of other cryptocurrencies and smart contracts. While Bitcoin’s enigmatic creator, Satoshi Nakamoto, aimed solely to address the aftermath of the mortgage market collapse that left banks and the financial system reeling, Ethereum extended the capabilities of blockchain technology beyond digital currency.
As an analyst, I believe that Ethereum’s significant growth, increased adoption by Wall Street, and anticipated large-scale investments could lead to a surge in price. This bullish trend for Ethereum is expected to positively influence the market of leading altcoins, such as Shiba Inu (SHIB), due to their close correlation with Ethereum’s performance.
SHIB burn rate surges
Over the past 24 hours, Shibburn Explorer has noted a substantial surge in eliminating SHIB meme tokens from the existing supply. Shibburn regularly updates its X account and website with daily, weekly, and monthly burns of Shiba Inu coins.
In the past 24 hours, based on this data, the Shiba Inu community has managed to get rid of approximately 60 million SHIB tokens. This significant disposal has resulted in a remarkable increase of 482.88% in the overall burn rate when compared to the previous day.
Approximately 135 million Shiba Inu meme coins have been incinerated in a digital furnace over the past week. Currently, SHIB is priced at $0.00001731 on the market, following a slight dip earlier today.
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2024-07-23 17:40