Shiba Inu team forecasts Altcoin season

Posted by Lea Hogg Posted: Jul 23, 2024

Lucie, a well-known Shiba Inu (SHIB) team member, recently shared a bullish message with the SHIB community. She predicts an upcoming “altcoin season” triggered by the imminent trading of spot Ethereum Exchange-Traded Funds (ETFs).

Lucie’s optimism stems from the belief that this development will not only be beneficial for Ethereum but also for the price of SHIB. She shared a video advertisement created by BlackRock for the spot Ethereum ETFs that its iShares fund is launching, commenting, “BlackRock drops Ethereum ETF video for investors.”

She anticipates that the commencement of trading for 11 Ethereum ETFs on stock exchanges will gradually usher in an altcoin season. This event is expected to be advantageous for many altcoins, including Shibarium ecosystem tokens SHIB, BONE, LEASH, and SHEB. Lucie’s tweet encapsulated her optimism: “THINK BIG – Altcoin season is coming.”

Ethereum, which was launched in 2015 by Vitalik Buterin and a team of IT engineers, was the first platform to support other cryptocurrencies and smart contracts. This was a feature that Bitcoin did not offer, as its creator, the enigmatic Satoshi Nakamoto, aimed to create a decentralized peer-to-peer cryptocurrency following the 2009 mortgage market crisis that severely impacted banks and the global financial system.

The extensive expansion of Ethereum, its broad acceptance by Wall Street, anticipated massive capital inflows, and a subsequent price surge are predicted to positively impact the altcoin market. This effect is expected to be particularly significant for leading altcoins, including Shiba Inu (SHIB).

SHIB burn rate increases

The Shibburn explorer reported a significant increase in the removal of SHIB meme coins from the circulating supply over the last 24 hours. According to this data source, the SHIB community has successfully disposed of 60,380,203 SHIB, resulting in a 482.88% increase in the overall burn rate compared to the previous day.

In terms of weekly burns, 135,026,217 Shiba Inu meme coins have been destroyed in the past seven days. At the time of writing, SHIB is trading at $0.00001731, following a minor decline earlier today.