What is the reason behind today’s increase in Shiba Inu (SHIB) price?
Shiba Inu, the popular cryptocurrency, has made significant progress this week, reclaiming its $0.00002501 level. In the past 24 hours, Shiba Inu’s market value reached $0.00002501, marking a 9.4% increase from the previous day’s low of $0.00002266.
Thanks to the bullish market, Shiba Inu has managed to recover all the losses incurred this week and is now showing a positive performance for the week. Currently trading at $0.00002501, Shiba Inu has recorded an impressive gain of 20.76% from its Wednesday low of $0.00002071, indicating exciting developments in the near future.
One of the factors contributing to Shiba Inu’s upward trend is the BTC Whale Accumulation Effect. After experiencing a market dip on May 1st, investor confidence was low. However, on May 3rd, Bitcoin whales injected $2,802,500,000 into the market by buying the BTC dip at an average price of $59K, acquiring 47,500 tokens in just one day. As a result, the price of Bitcoin spiked to $63,566, rejuvenating market sentiments. This 5% recovery in Bitcoin’s value has also positively impacted meme coins like Shiba Inu, leading to double-digit percentage gains.
In addition, Shiba Inu’s blockchain, Shibarium, underwent a hard fork upgrade, resulting in faster transactions and more predictable gas fees for the community.
Moreover, Shiba Inu’s global price surged after Binance Japan listed the SHIB/JPY pair, allowing Japanese crypto enthusiasts to trade SHIB with their local currency. Shortly after the listing, Shiba Inu’s price skyrocketed by over 300% to $0.00011 on the exchange. Other exchanges, such as Kraken, also introduced new margin trading pairs for SHIB on their platform.
The Robinhood exchange witnessed a significant purchase of Shiba Inu tokens by whales, with a single whale buying 1.75 trillion $SHIB tokens worth more than $40 million.
Furthermore, millions of U.S. residents gained access to purchasing Shiba Inu tokens through PayPal, thanks to a partnership between crypto payment processor MoonPay and PayPal.
Despite the low value, more than 65,000 Shiba Inu wallet addresses holding 733 trillion SHIB tokens are currently in profit, according to On-Chain analytics.
Another reason for the token’s price surge is the remarkable 1009% increase in Shiba Inu’s burn rate in the past 24 hours, with 29.11 million SHIB tokens being destroyed. This significant increase in the token’s burn rate aims to improve SHIB’s economic aspects by reducing the token’s supply.
Overall, these notable developments have contributed to Shiba Inu’s impressive upward trend throughout the week.