Shiba Inu News: Why Is SHIB Price Up Today?

Well-known memecoin Shiba Inu (SHIB) is seeing a sharp spike in its price, rising 5.19% to $0.00000567 in 24 hours and nearly 28% this week. The rally comes as Japan’s FSA opens a new market for SHIB, along with other key factors pushing the token price up.

Here’s the key reason why the Shib price is up today and where it’s heading next.

SHIB Joins Bitcoin and XRP in Japan’s Select Crypto List

One of the biggest reasons behind the recent jump in Shiba Inu token price is due to SHIB’s growing presence in Japan.

Nomura-backed Laser Digital Japan has included SHIB among only six cryptocurrencies supported on its platform after receiving approval from Japan’s Financial Services Agency. The other assets include Bitcoin, Ethereum, XRP, Bitcoin Cash and Litecoin

This matters because Laser Digital is focused on institutional clients and plans to provide wholesale liquidity services to Japanese crypto platforms. That gives SHIB a different type of market exposure beyond its usual meme-coin trading base.

SHIB Burns Rate Spike, While Exchange Inflow Drops

Another factor supporting the price is the recent rise in SHIB burns. Shibburn data showed that the burn rate jumped over 441% in 24 hours, with around 41.8 million SHIB sent to dead wallets and permanently removed from circulation.

Perhaps burns alone didn’t create a major supply shock because hundreds of trillions of SHIB remain in circulation.

At the same time, reports a sharp drop in SHIB exchange netflow to 212.3 billion tokens, down from more than 1 trillion. This suggests large holders are moving billions of SHIB away from exchanges and into private wallets. 

Shib Price Outlook

The latest rally is also supported by Bitcoin’s recovery, with the broader crypto market moving higher. As of now, SHIB is trading around $0.0000055, with a market cap of $3.30 billion.

Technically, SHIB is showing signs of a possible double-bottom pattern. The $0.00000560 zone is now key support as if buyers defend this range, SHIB could gain further strength. 

Meanwhile, a clean break above $0.0000060 could open the path toward $0.0000068.