News, Price Analysis

Why is The Shiba Inu (SHIB) Price Is Up Today?

With significant developments over the week, Shiba Inu has reclaimed its $0.00002501 level. In the last 24 hours, Shiba Inu’s market value reached $0.00002501. The crypto asset saw a 9.4% uptick from the previous day’s low of $0.00002266.

As a result of the bullish market, Shiba Inu managed to recover all the losses incurred this week, and it is now showing a positive week’s performance. Trading at $0.00002501, Shiba Inu recorded an impressive 20.76% gain from the Wednesday low of $0.00002071, which is set to follow new upcoming developments.

BTC Whale Accumulation Effect

After the market dip on May 1st, investors’ confidence was low. However, on May 3rd, Bitcoin whales injected $2,802,500,000 into the market as they bought the BTC dip at an average price of $59K, amassing 47,500 tokens in one day. Following this, the Bitcoin price spiked to $63,566, reviving market sentiments. As Bitcoin recovers by just 5% in value, meme coins like Shiba Inu are enjoying double-digit percentage gains.

Shiba Inu’s blockchain, Shibarium, completed the hard fork upgrade, which brought more rapid transactions and predictable gas fees to the community than ever before.

Japan’s Listing and Massive Shiba Inu Burns

Furthermore, Shiba Inu’s global price lit up following Binance Japan’s listing of the SHIB/JPY pair, which allows Japanese crypto enthusiasts to trade SHIB with their local currency. Shiba Inu soared by over 300% to $0.00011 on the exchange shortly after being listed. Exchanges like Kraken also introduced new margin trading pairs for SHIB on their platform.

The Robinhood exchange faced a large Shiba Inu token purchase by the whales, where a single whale stacked 1.75 trillion $SHIB tokens worth more than $40 million.

Additionally, Shiba Inu purchases opened to millions of U.S. residents using PayPal, which became possible after crypto payment processor MoonPay partnered with PayPal during the week.

According to On-Chain analytics, more than 65,000 Shiba Inu wallet addresses with 733 trillion SHIB tokens were in profit despite the low value.

Another reason the token price is going upward is a staggering 1009% surge in Shiba Inu’s burn rate over the past 24 hours, with 29.11 million SHIB being destroyed. This significant increase in the token’s burn rate is designed to enhance SHIB’s economic aspects by downsizing the token’s supply.

These significant SHIB developments together have fortified its massive uptrend over the week.

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