The Shiba Inu cryptocurrency (SHIB) has experienced a notable 10.4% surge in its price over the past 24 hours, bringing it close to $0.000026. This rise has caught the attention of analysts and traders alike, sparking discussions about its underlying causes.
However, some attribute this jump mainly due to SHIB’s burn rate increasing by 1000% and positive market sentiment following Bitcoin’s price recovery. While others speculate that this price surge may be influenced by different reasons.
Shiba Inu, known as an OG crypto meme token for many reasons is showing a sign of a bullish rally ahead. Meanwhile, the recent surge in SHIB’s burn rate has witnessed 1009% in the last 24 hours, destroying 29.11 million SHIB tokens.
This reduction in supply boosted SHIB’s price above critical resistance, now standing firm above $0.000026. Despite significant selling (211 billion coins in a day), Shiba Inu shows resilience, maintaining an upward trajectory.
Meanwhile, On-chain data indicates reduced selling pressure, with SHIB liquidations totaling $541.39K. Additionally, coinglass reports suggest that the open interest for Shiba Inu has risen by 17.73%, reaching $69.06 million, reflecting growing investor interest in Shiba Inu.
Adding to the positive sentiment, a recent collaboration with PayPal’s MoonPay has enabled U.S. users to purchase SHIB tokens directly through PayPal’s crypto payment processor. This integration has contributed to increased accessibility and adoption of the meme coin.
Furthermore, Kraken Pro, a prominent U.S.-based exchange, has announced a new development: the addition of Shiba Inu (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. The platform has set a cap of 1.5 billion SHIB for both long and short positions, catering to the growing demand for meme-inspired cryptocurrencies like SHIB in the market.
As of now, Shiba Inu is trading at $0.000026, reflecting a 10% increase in the last 24 hours. The surge in trading volume has also risen by 32%, reaching $850 million, with a market cap of $15 billion.
Looking ahead, analysts predict a significant price surge for Shiba Inu, projecting a 226.71% increase to reach $0.00007193 by June 1, 2024. This forecast highlights growing market optimism and potential future gains for SHIB investors.
Also Check Out: Shiba Inu Price Prediction 2024 – 2025: Will SHIB Price Reach $0.1 With A New Bull Run?
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