Shiba Inu Responds to Key Events, Recovers to $0.00002501
Shiba Inu has experienced a notable upswing today, reaching a market value of $0.00002501 within the past 24 hours. This marks the highest point of the day at the time of reporting. The intraday peak represents a significant 9.4% increase from the previous day’s low of $0.00002266.
As a result of this bullish trajectory, Shiba Inu has managed to recover all of its losses from earlier this week, with its seven-day performance now in positive territory. It is worth noting that on Wednesday, Shiba Inu came close to dropping below the $0.00002 threshold after a significant collapse caused by the pullback from Bitcoin bears.
However, with a trading price of $0.00002501, Shiba Inu has seen an impressive gain of 20.76% from its Wednesday low of $0.00002071. This surge in Shiba Inu’s value today follows several important developments throughout the week.
There are five key factors that likely influenced Shiba Inu’s gains. After the market-wide dip on May 1, Bitcoin whales took advantage of the situation and injected $2,802,500,000 into the market. These whales bought the dip at an average price of $59K, acquiring 47,500 tokens in just one day. As a result, Bitcoin’s price surged to $63,566, alleviating the subdued market sentiment.
As Bitcoin recovered, altcoins, especially meme-themed tokens like Shiba Inu, have been leading the market gains. These meme coins have seen double-digit percentage increases even with a modest 5% uptick in Bitcoin’s value.
Additionally, a significant announcement from the Shiba Inu development team this week also contributed to the gains in SHIB. Specifically, Shiba Inu’s blockchain Shibarium completed the previously teased hard fork, introducing “blazing-fast transactions” and predictable gas fees for the community.
Furthermore, Shiba Inu’s global price received a boost after Binance Japan listed the SHIB/JPY pair, allowing Japanese crypto enthusiasts to trade SHIB with their local currency. The impact of this listing is evident in the fact that Shiba Inu’s price skyrocketed by over 300% to $0.00011 shortly after the listing on the exchange.
Other exchanges, such as Kraken, have also introduced new margin trading pairs for SHIB on their platform this week. Moreover, Shiba Inu purchases became available to millions of U.S. residents using PayPal, thanks to a partnership between crypto payment processor MoonPay and PayPal.
These significant developments, which emerged after Shiba Inu’s recent decline, are believed to have strengthened the asset’s ongoing upward trend.
Disclaimer: This article provides information and should not be considered financial advice. The opinions expressed in this article are those of the author and do not necessarily reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.