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Bitcoin ETF May Have Tremendous Impact on SHIB Price: PawZone Founder

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Bitcoin ETF May Have Tremendous Impact on SHIB Price: PawZone Founder

Mon, 25/12/2023 – 14:59

Bitcoin ETF May Have Tremendous Impact on SHIB Price: PawZone Founder
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The founder of the PawZone NFT marketplace on Shibarium, known on Twitter as @jds_updates, has published a post in which he expressed his view on what effect a Bitcoin spot ETF may have on Shiba Inu and PawZone after launch. He even hinted that following Bitcoin ETFs, other cryptocurrencies may launch their own exchange-traded funds.

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His tweet leads one to believe that he expects the launch of a Bitcoin spot ETF may be particularly good for Shiba Inu and PawZone native tokens.

Influx of money expected into Bitcoin, and perhaps – SHIB and PAW ETFs?

@jds_updates stated that SHIB and PAW are just getting started “as the overall crypto market experiences one of the biggest catalysts of all time.” He shared his thoughts on the much-anticipated Bitcoin spot ETF launch, saying that an ETF makes way for massive quantities of money to move into them and the underlying assets. Therefore, he expects that there will be “a race to acquire all the Bitcoin still readily available” on the market.

Curiously, the PAW founder added that he believes the first Bitcoin ETF will pave the way for other cryptocurrencies to get their own exchange-traded funds, and the market at this point is witnessing “a once in a lifetime opportunity,” as if hinting that eventually Shiba Inu and PAW-based ETFs may be launched as well.

New epoch in SHIB burns coming soon

Earlier today, an official member of the Shiba Inu team, who represents it on social media, Lucie, teased an important upcoming upgrade. It will transition SHIB burns from manual mode to automated. Lucie stated that it will allow the team to minimize or even eliminate the pressure on BONE token on Shibarium in connection with SHIB burns.

In December, the SHIB team has transferred three chunks of approximately 8.5 billion SHIB to a dead blockchain address. In late November, there was one similar burn as well. By now, the SHIB team, thanks to BONE transaction fees, has burned more than 33 billion Shiba Inu coins.

Over the last 24 hours, the SHIB community has removed 53,129,180 SHIB from the circulating supply, pushing the burn rate up by more than 5,000%, according to Shibburn data.

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