Shiba Inu Coin: The Reasons Behind Today’s Surge in Shiba Inu Price
Shiba Inu (SHIB), the popular cryptocurrency known for its meme-like appeal, has seen a remarkable surge of 10.4% in its price in the past day, bringing it close to $0.000026. This sudden increase has caught the attention of analysts and traders, sparking discussions about the factors driving this upward movement.
One significant factor contributing to SHIB’s price jump is the sharp increase in its burn rate, which has experienced a staggering 1009% surge in the last 24 hours. This surge in burn rate has resulted in the destruction of 29.11 million SHIB tokens, impacting the dynamics of supply. Despite the significant selling pressure, with 211 billion coins sold in a day, SHIB has displayed resilience and maintained an upward trajectory, firmly standing above the critical resistance level of $0.000026.
On-chain data also suggests a reduction in selling pressure, with SHIB liquidations totaling $541.39K. Additionally, reports from coinglass indicate that the open interest for Shiba Inu has increased by 17.73%, reaching $69.06 million, signaling a growing interest among investors in SHIB.
In addition to the burn rate surge, positive market sentiment has been bolstered by recent developments in the crypto industry. One such development is the collaboration between SHIB and PayPal’s MoonPay, which now allows U.S. users to directly purchase SHIB tokens through PayPal’s crypto payment processor. This integration has not only increased accessibility but also contributed to the adoption of the meme coin.
Furthermore, the prominent U.S.-based exchange, Kraken Pro, has announced the addition of SHIB to its margin trading pairs. Traders on Kraken Pro can now leverage SHIB against the U.S. dollar with a maximum leverage of three. To cater to the growing demand for meme-inspired cryptocurrencies like SHIB, the platform has set a cap of 1.5 billion SHIB for both long and short positions.
Currently, SHIB is trading at $0.000026, reflecting a 10% increase in the past 24 hours. The surge in trading volume has also risen by 32%, reaching $850 million, with a market cap of $15 billion. Analysts predict a significant price surge for SHIB, projecting a 226.71% increase to reach $0.00007193 by June 1, 2024. This forecast indicates growing market optimism and the potential for future gains for SHIB investors.
For more insights and predictions on SHIB’s price trajectory, it is recommended to check out the Shiba Inu Price Prediction 2024-2025, which explores the possibility of SHIB reaching $0.1 with a new bull run.