Massive Bitcoin (BTC) Volatility, Solana (SOL) Meme Coins Resurgence, Shiba Inu (SHIB) Developments: Bits Recap Jan 10

TL;DR

• Bitcoin experienced a significanT price surge above $47,500, influenced by a tweet from the US SEC about a spot BTC ETF, which turned out to be fake.
• Solana-based meme coins Bonk Inu (BONK) and dogwifhat (WIF) showed notable market movements, with BONK’s market capitalization briefly exceeding $1 billion and WIF experiencing a significant price increase.
• Shiba Inu, a prominent meme coin, saw a dramatic rise in its burn rate and achieved milestones in its layer-2 blockchain solution, Shibarium, with significant increases in total transactions and blocks.

Bitcoin’s Price Swings

The primary cryptocurrency made the headlines several hours ago, with its price jumping above $47,500 (per CoinGecko’s data) for the first time since the beginning of 2022. This happened following an X (Twitter) post from the US Securities and Exchange Commission (SEC)  indicating  that the regulator has approved the launch of a spot BTC ETF. 

However, the asset’s value quickly headed south after the agency’s Chairman – Gary Gensler –  clarified  that the listing and trading of spot Bitcoin exchange-traded products had not received a green light, adding that the X account was compromised. 

Currently, BTC is trading at approximately $45,600, with the rollercoaster triggering multi-million liquidations. 

Meanwhile, an eventual approval of a spot BTC ETF in America remains an option, and some expect to see the product live in the following days.

BONK’s Revival and WIF’s Volatility

The popular Solana-based meme coins Bonk Inu (BONK) and dogwifhat (WIF) have also been in the spotlight in the past few days. The former followed SOL’s uptrend, with its value soaring  substantially on January 9.

It kept up the solid pace today (January 10), registering gains of 12% for the past 24 hours while its market capitalization briefly surpassed the $1 billion mark.

For its part, WIF exploded by nearly 90% on January 9, reaching the $0.15 mark. Despite slightly retracing to its current level of $0.13, the token’s price is still 12% up on a weekly basis.

Shiba Inu’s Latest Achievement

Shiba Inu (SHIB) saw its burn rate spike by almost 1,000% on January 9, resulting in over 33 million assets removed from circulation. The  stats for today (January 10) are even more impressive – a 27,500% burn rate increase and more than 9 billion tokens destroyed.

The advancement of Shiba Inu’s layer-2 blockchain solution – Shibarium – is also worth mentioning. The network, which officially saw the light of day in August last year, blasted through numerous milestones. For example, total transactions on Shibarium  exceeded  250 million, whereas total blocks climbed above 2.5 million.