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Shiba Inu's burn rate has seen significant spikes recently, with increases of 3,484% and 8,470% reported in different instances. Here's a breakdown of the burn rate and its impact : - *Recent Burn Rate Spikes*: - Over 537 million SHIB tokens were burned in 24 hours, resulting in a 3,484% increase in burn rate. - A single transaction burned 1 billion SHIB tokens, causing an 8,470% surge in burn rate. - *Burn Rate Impact*: - The burns are part of Shiba Inu's strategy to reduce token supply and potentially drive up the price. - Over 410.74 trillion SHIB tokens have been permanently removed from circulation. - *Community Involvement*: - The Shiba Inu community plays a crucial role in burning tokens, with initiatives like ShibBurn allowing users to voluntarily burn SHIB and receive incentives. - The ShibArmyStrong team has also contributed to burning tokens, with five transactions burning a collective 20,933 SHIB. - *Shibarium's Role*: - Shibarium, Shiba Inu's Layer-2 scaling solution, has burned over 50 billion SHIB tokens through transaction fees. - The burn process has been automated, ensuring consistent reduction in supply and strengthening investor confidence. The burn rate spikes and community involvement demonstrate the dedication to reducing SHIB's supply and potentially increasing its value. However, some analysts argue that the current burn rate may not be enough to create substantial price movement in the short term .
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Here's the latest crypto news update: *Market Updates* - *Bitcoin Price*: Bitcoin is trading at $117,879, down 0.76% today. It's approaching a critical juncture with a textbook ascending triangle converging with a tight trading range. - *Ethereum Price*: Ethereum is trading at $4,483.93, down 2.78% today. Its price moves closer to an all-time high, but liquidity shortage could trigger a breakout toward $6,000. - *XRP Price*: XRP is trading at $3.09, down 0.45% today. Analysts predict XRP could reach $4.19 or even $5 in the near future. *Regulatory News* - *Federal Reserve*: The Federal Reserve has ended its program to monitor banks' crypto activities, integrating them into standard supervisory processes. - *SEC*: The SEC has approved in-kind redemptions in Ethereum and Bitcoin ETFs. SEC Chair Paul Atkins is pushing for clearer crypto guidelines. *Other News* - *Grayscale*: Grayscale has filed for a Dogecoin ETF under the ticker 'GDOG'. DOGE price surged following the news. - *Gemini*: Gemini has filed with the SEC to go public, targeting Nasdaq. - *DeFi*: DeFi Development Corp has boosted its Solana holdings to $273 million. - *Blockchain*: Axie Infinity creator Ronin network is returning to Ethereum as L2 .
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The approval status of XRP ETFs is currently pending, with several applications awaiting review by the US Securities and Exchange Commission (SEC). Here are some key updates : - *Approved XRP ETF*: ProShares Ultra XRP ETF is the only approved XRP ETF in the US, offering leveraged and inverse XRP strategies. - *Pending Applications*: Several firms, including Grayscale, Bitwise, 21Shares, Canary Capital, WisdomTree, and CoinShares, have submitted applications for spot XRP ETFs. - *Expected Approval Timeline*: The SEC is expected to announce its decision on most XRP ETF applications between October 18 and October 25, 2025. - *Approval Odds*: Polymarket predicts a 74% chance of XRP ETF approval in 2025, while Nate Geraci estimates an 79% chance of approval before December 31, 2025. Some notable XRP ETF applications include : - *Grayscale XRP ETF*: Filed on January 13, 2025, with a expected decision date of October 18, 2025 - *Bitwise XRP ETF*: Filed on December 2, 2024, with a expected decision date of October 20, 2025 - *Canary Capital XRP ETF*: Filed on October 8, 2024, with a expected decision date of October 24, 2025 The approval of XRP ETFs could potentially drive institutional investments into XRP, fueling price growth. However, the outcome depends on various factors, including regulatory developments and market sentiment .
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Bitcoin dominance is currently at 58.44%, meaning that Bitcoin holds approximately 58.44% of the total cryptocurrency market capitalization. The total crypto market cap is around $4.07 trillion, while Bitcoin's market cap is about $2.38 trillion . *Understanding Bitcoin Dominance:* - *Market Sentiment Indicator*: Bitcoin dominance reflects the shifting investor interest between Bitcoin and altcoins, helping gauge the market's risk appetite. - *Risk Management Tool*: Traders use Bitcoin dominance to decide whether to invest in Bitcoin or altcoins, depending on market trends. - *Market Dynamics*: A change in Bitcoin dominance can indicate shifts in market dynamics, making it a valuable tool for spotting trading opportunities . *Current Trends:* - *Decrease in Dominance*: Bitcoin dominance has seen a decrease of -1.24 in the last 24 hours, indicating a potential shift in investor interest towards altcoins. - *Bullish or Bearish*: A declining Bitcoin dominance can signal a bullish market sentiment, while an increasing dominance may indicate a bearish outlook . *Using Bitcoin Dominance for Investing:* - *Altcoin Season*: A declining Bitcoin dominance, especially during a bull market, can herald an altcoin season, suggesting increased growth and popularity in altcoins. - *Investment Decisions*: Understanding Bitcoin dominance can aid in making informed investment decisions, but it's essential to consider multiple factors and not rely solely on this metric .
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