Shiba Inu Coin: Here’s Why Shiba Inu Price Is Surging Today
The post Shiba Inu Coin: Here’s Why Shiba Inu Price Is Surging Today appeared first on Coinpedia Fintech News 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% …
The post Shiba Inu Coin: Here’s Why Shiba Inu Price Is Surging Today appeared first on Coinpedia Fintech News
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 Burn Rate Surge High
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.
PayPal’s Collaboration
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.
Kraken Listing Shiba Inu
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.
Tags:
What's Your Reaction?
