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

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

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

This bullish market has allowed Shiba Inu to recover all the losses incurred this week, resulting in a positive week's performance. Trading at $0.00002501, Shiba Inu has recorded an impressive 20.76% gain from the Wednesday low of $0.00002071.

BTC Whale Accumulation Effect

After the market dip on May 1st, investors' confidence was low. However, on May 3rd, Bitcoin whales invested $2,802,500,000 into the market by buying the BTC dip at an average price of $59K, amassing 47,500 tokens in one day. This led to a spike in the Bitcoin price 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 and Other Developments

Shiba Inu's blockchain, Shibarium, has completed its hard fork upgrade, bringing more rapid transactions and predictable gas fees to the community. Additionally, Shiba Inu's global price lit up following Binance Japan's listing of the SHIB/JPY pair, allowing 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 have also introduced new margin trading pairs for SHIB on their platform.

The Robinhood exchange saw a large Shiba Inu token purchase by whales, with a single whale stacking 1.75 trillion $SHIB tokens worth more than $40 million. Shiba Inu purchases have also become available to millions of U.S. residents using PayPal, thanks to a partnership between crypto payment processor MoonPay and PayPal.

According to On-Chain analytics, more than 65,000 Shiba Inu wallet addresses with 733 trillion SHIB tokens are in profit despite the low value. Another reason for the token's upward trend is a staggering 1009% surge in Shiba Inu's burn rate over the past 24 hours, with 29.11 million SHIB being destroyed. This increased burn rate aims to enhance SHIB's economic aspects by reducing the token's supply.

These significant developments have contributed to Shiba Inu's massive uptrend over the week.