Why Shiba Inu (SHIB) Price Is Up Today?

An important development this week has seen Shiba Inu regain the $0.00002501 level. In the last 24 hours, the market value of Shiba Inu reached $0.00002501. The crypto asset rose 9.4% from the previous day’s low of $0.00002266.

As a result of the bull market, Shiba Inu was able to recoup all of its losses this week and continues to perform well this week. Trading at $0.00002501, the Shiba Inu is up an impressive 20.76% from Wednesday’s low of $0.00002071, and is expected to continue with new developments.

BTC whale cumulative effect

After the market crash on May 1st, investor confidence was low. However, on May 3, Bitcoin whales bought BTC plummeting at an average price of $59,000, injecting $2,802.5 million into the market and amassing 47,500 tokens in one day. Following this, the Bitcoin price soared to $63,566, and market sentiment recovered. Meme coins like Shiba Inu are enjoying double-digit percentage increases while Bitcoin’s value has rebounded by just 5%.

Shibarium, the Shiba Inu blockchain, has completed a hard fork upgrade, bringing faster transactions and more predictable gas prices to the community than ever before.

Japan’s listing and a large number of Shiba Inu burns

Furthermore, following the listing of the SHIB/JPY pair by Binance Japan, Japanese crypto enthusiasts can now trade SHIB in their local currency, causing the global price of the Shiba Inu to rise. Immediately after being listed, the Shiba Inu soared more than 300% on exchanges to $0.00011. Exchanges like Kraken have also introduced new margin trading pairs of his SHIB on their platforms.

The Robinhood exchange is facing a large-scale purchase of Shiba Inu tokens by whales, with one whale accumulating $1.75 trillion in SHIB tokens worth over $40 million.

Additionally, millions of US residents using PayPal can now purchase Shiba Inu dogs, made possible by cryptocurrency payment processor MoonPay’s partnership with PayPal earlier this week.

According to on-chain analysis, over 65,000 Shiba Inu wallet addresses with 733 trillion SHIB tokens were profitable despite their low value.

Another reason why the token price is rising is that Shiba Inu’s burn rate has increased by a whopping 1009% in the past 24 hours, destroying 29.11 million SHIB. This significant increase in token burn rate is designed to strengthen the economics of SHIB by shrinking the supply of tokens.

Together, these important SHIB developments have reinforced this week’s significant uptrend.

Related Article

0 Comments

Leave a Comment