Crypto Market Update: Solana ETF, Shiba Inu Burn Rate, and Furrever Token $20K Competition Deadline Soon
The post Crypto Market Update: Solana ETF, Shiba Inu Burn Rate, and Furrever Token $20K Competition Deadline Soon appeared first on Coinpedia Fintech News
The cryptocurrency market is abuzz with exciting developments across various tokens. This week, we spotlight the significant events surrounding Solana, Shiba Inu, and Furrever Token. From the anticipated approval of a Solana ETF to Shiba Inu’s impressive burn rate and Furrever Token’s lucrative competition, here’s everything you need to know.
Shiba Inu’s Remarkable Burn Rate Surge
Some popular cryptocurrencies in the market that have recently been prominent include Shiba Inu (SHIB) due to a drastic rise in the burn rate. On May 22, Shibburn showed that the token burn rate was 570% higher than previously. It is perceived as a bullish sign for the token’s tokenomics since it is expected to help shave off some supply in the market and thus prop up the token’s value. Specifically, the burn rate grew by 569 percent over the past 24 hours due to a significant increase in output. 50% with an average of 12 accesses x late US citizen = $640. Many transactions have seen 70 million SHIB tokens burned or removed from circulation.
Key wallet addresses played a crucial role in this increase. One address, 0xa9d1…, executed two significant transactions, burning 4.6 million SHIB tokens. Similarly, another address, 0x608…, transferred 1.01 million SHIB tokens to a dead wallet. Additionally, the community wallet 0xc66… contributed to the burn rate by moving 1.04 million SHIB tokens to a dead wallet, bringing the total burned SHIB tokens to a staggering 410.72 trillion. This significant reduction in supply could act as a catalyst for price appreciation, provided the demand remains steady or increases.
This development has instilled optimism among SHIB holders and traders, who are closely monitoring the token’s progress. The reduced supply and potential future demand position Shiba Inu as a coin to watch in the coming months.
Anticipation of Solana ETF Approval
There is increasing optimism about the possibility of ETFs linked to Ethereum, which, according to researchers, are highly likely to be approved soon with about seventy-five per cent probability. This speculation has led to the consideration of whether other altcoins, including Solana (SOL), might shift northwards.
Specifically, Bloomberg analysts mentioned that approval of the ether spot ETF may have potential trials for other altcoins in the future. The paradoxical tweet by famous Twitter states that rejecting the Bitcoin ETF may lead to approval for several other products, such as Ethereum. This could open a path for a spot ETF application by Solana, which is famous against its scale, lightning speed, and compact costs.
Solana has adopted the Proof-of-History (PoH) consensus, making it capable of handling multiple thousands of TPS. This scalability and ultra-low transaction fee make Solana ideal for decentralized applications (dApps) and non-fungible token (NFT) projects. The healthy network and the present community support contribute to Solana’s stable position as one of the candidates for ETF. An Ethereum ETF approval is expected to positively impact the crypto industry, potentially driving Ether’s price to new highs and fostering greater institutional adoption of cryptocurrencies. With its unique technological advantages, Solana could greatly benefit from this shift in the regulatory landscape.
Furrever Token’s $20,000 Competition
The general idea and the concept behind Furrever Token are unique and engaging for the community. Recently, the team declared Furrever Token $20,000 Highest Total Buys Competition, an excellent chance for the team’s members.
From May 9, 2024, to May 27, 2024, the competition will have $20,000 in FURR tokens as the prize fund. The first ten buyers will get the prize, with the first buyer receiving $5000, the second buyer receiving $4000, and so on to the 5th to 10th buyers receiving $1000. This endeavor seeks to have the community more involved and, simultaneously, get the most engaged members compensated.
To be eligible to participate, one must make purchases during the competition period. The winners will be those who bought the most dollar amount. This has not only rekindled the spirit of the Furrever Token enthusiasts but has also brought in new people willing to participate in the event.
Furrever Token has also adopted cute cat-themed stickers, visuals, and an entertaining community challenge, and it has surpassed $1. In the presale phase, the project was set to raise $1 million. The token is initially available to purchase from furrevertoken.com and is meant to build a welcoming environment favorable for all crypto lovers.
The following are the top crypto news of the week, a testament to the constantly evolving market. An increase in Shiba Inu’s burn rate, the possibility of getting the green light for a Solana ETF, and Furrever Token’s entertaining competition show that there are endless possibilities with cryptocurrency. With time, these projects will remain fascinating to traders, investors, and crypto enthusiasts.
Join Furrever Token Presale Now:
Furrever Token Official Website
