Here are 5 Factors Behind the Massive Shiba Inu Bullish Frenzy Today

Shiba Inu responded to a significant development this week and helped recover $0.00002501 in assets.

Today’s Shiba Inu is doing well

In the past 24 hours, the market value of the Shiba Inu reached $0.00002501, the highest price for today at the time of reporting. The intraday peak represents a significant 9.4% increase from the asset’s low of $0.00002266 registered the previous day.

As a result of this bullish trajectory today, Shiba Inu has recouped all the losses incurred this week and its 7-day performance is now positive. Recall that on Wednesday, Shiba Inu fell sharply as the Bitcoin bear market rebound strengthened that day, almost leaving the $0.00002 threshold.

However, the Shiba Inu is trading at $0.00002501, marking a whopping 20.76% increase from Wednesday’s low of $0.00002071. Of note, today’s surge in Shiba Inu numbers follows a pivotal development this week.

5 factors that may affect your Shiba Inu’s weight

After the market-wide selloff on May 1 dampened investor enthusiasm, Bitcoin whales took advantage of the development.Yesterday, The Crypto Basic revealed that there is a whale It brought to market $2,802.5 million.

Specifically, they bought BTC Dip at an average price of $59,000 and collected 47,500 tokens in one day. Following this frenzy of accumulation, Bitcoin’s price soared to $63,566, easing the subdued market sentiment.

Therefore, altcoins, especially meme-themed tokens like Shiba Inu, are leading the market rally amid Bitcoin’s recovery. These meme coins have witnessed double-digit percentage increases with BTC increasing in value by just 5%.

– Advertisement –

meme coin
Green Meme Token of the Day | CoinMarketCap

Meanwhile, an important announcement from the Shiba Inu development team this week also impacted SHIB’s profits. In particular, the Shiba Inu blockchain “Shibarium” The long-teased hard fork is now complete. This critical update enables “blazing fast transactions” and predictable gas prices for our community.

Additionally, the global price of Shiba Inu has also increased following the listing of the SHIB/JPY pair by Binance Japan, allowing Japanese crypto enthusiasts to trade SHIB in their local currency.The importance of this list is that the Shiba Inu Soared over 300% to $0.00011 Listed on the exchange immediately after listing.

Other exchanges like Kraken Introducing new margins This week we will be trading the SHIB pair on our platform.

Furthermore, this week, Shiba Inu purchases Exposed to millions of US residents using PayPal. As reported by The Crypto Basic, purchasing a Shiba Inu via PayPal is now possible this week after cryptocurrency payment processor MoonPay partnered with PayPal.

Essentially, these important developments that surfaced after the recent decline in Shiba Inu are believed to have reinforced the asset’s continued upward trend.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. We encourage our readers to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.

--

Related Article

0 Comments

Leave a Comment