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Here are 5 factors behind the massive Shiba Inu bull frenzy today
Shiba Inu responded to crucial developments this week, helping the asset recover $0.00002501.
Shiba Inu recovering today
In the past 24 hours, the market value of Shiba Inu reached $0.00002501, the highest today at the time of reporting. The intraday peak marks a significant rise of 9.4% from the asset’s low of $0.00002266 the previous day.
As a result of this bullish trajectory today, Shiba Inu has recouped all losses incurred this week, with its seven-day performance now positive. Recall that Shiba Inu almost abandoned the $0.00002 mark on Wednesday when it collapsed significantly following the Bitcoin bears strengthened pullback that day.
However, trading at $0.00002501, Shiba Inu posted an impressive gain of 20.76% from Wednesday’s low of $0.00002071. Notably, this surge in Shiba Inu today follows crucial developments this week.
5 factors that probably influenced the Shiba Inu’s earnings
After the market drop on May 1 dampened investor enthusiasm, Bitcoin whales capitalized on the development. Yesterday, The Crypto Basic discovered that whales has placed 2,802,500,000 dollars on the market.
Specifically, they bought the BTC dip at an average price of $59,000, accumulating 47,500 tokens in one day. Following this accumulation frenzy, the price of Bitcoin rose to $63,566, alleviating weak market sentiment.
As a result, altcoins, especially meme-themed tokens like Shiba Inu, are driving market gains amid Bitcoin’s recovery. These meme coins are seeing double-digit percentage gains with only a 5% increase in BTC value.
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Meanwhile, a crucial announcement from the Shiba Inu development team this week also affected SHIB’s earnings. Specifically, the Shibarium blockchain from Shiba Inu previously teased hard fork completed. This milestone update introduces “extremely fast transactions” for the community and predictable gas rates.
Furthermore, the global price of Shiba Inu also received a boost following the listing of the SHIB/JPY pair by Binance Japan, allowing Japanese crypto enthusiasts to trade SHIB for their local currency. The significance of this list is evident in the fact that Shiba Inu rose more than 300% to $0.00011 on the stock exchange shortly after the listing.
Other exchanges like Kraken it also introduced a new margin trading pairs for SHIB on their platform this week.
Also, this week, Shiba Inu Shopping open to millions of US residents using PayPal. As reported by The Crypto Basic, purchasing Shiba Inu via PayPal became possible this week after crypto payments processor MoonPay partnered with PayPal.
Ultimately, these significant developments, which have emerged following the Shiba Inu’s recent decline, are believed to have strengthened the asset’s continued upward trend.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to do thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
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