Monday, May 6, 2024 ▪
3
Minimum read time ▪ up to
After a tumultuous week, things seem to be calming down in the crypto world. The previously red chart has now turned green, with Bitcoin leading the way and other altcoins following closely behind. Even the iconic Shiba Inu code seems to have forgotten about recent issues. But what enabled SHIB to bounce back?
Shiba Inu regains color after a turbulent week
as Bitcoin falls below $57,000, other cryptocurrencies followed a similar downward trend. Hopes for a comeback among SHIB fans seemed to have vanished. However, things have changed recently. His second most important meme coin in the world surprised many with its recent performance.
According to The Crypto Basic, the Shiba Inu cryptocurrency has come back strongly today and is seeing a significant increase in its value.and Intraday peak reaches $0.00002501up 9.4% from its recent low of $0.00002266.
This recovery has allowed Shiba Inu to recoup all of the losses it suffered this week and has now had seven days of positive performance.
Factors Driving SHIB Cryptocurrency Profits
Bitcoin Whale: Massive Injection
Following the market crash on May 1st, Bitcoin whales took advantage of the opportunity. Indeed, they Injected $2.8 billion put it on the market, Buy BTC Dip at an average price of $59,000. This frenzy of accumulation pushed the price of Bitcoin to $63,566, boosting the overall market and especially altcoins like Shiba Inu.
Shibarimum Blockchain Hard Fork
A major announcement from the Shiba Inu development team also contributed to SHIB's profits.In fact, the Shibarium blockchain was previously announced hard fork. This update provides the community with “blazing fast transactions” and predictable gas prices.
Listing on Binance Japan: A new surge
The listing of the SHIB/JPY pair by Binance Japan also played an important role in the rapid rise in Shiba Inu’s price. With this listing, crypto enthusiasts in Japan can now trade SHIB in their local currency.
Kraken’s new margin trading pairs
Kraken joined this movement by introducing: New Margin Trading Pair for SHIB Cryptocurrency on that platform this week. This initiative helped strengthen Shiba Inu's position in the market.
Purchase a Shiba Inu via PayPal
This week, U.S. residents can now purchase Shiba Inu dogs via PayPal thanks to a partnership between crypto payment processor MoonPay and PayPal. This new market access has increased demand for SHIB, contributing to its recent growth.
Maximize your Cointribune experience with the Read to Earn program! Earn points and access exclusive benefits every time you read an article. Sign up now and get rewards.
The revolution of blockchain and cryptocurrencies! Affect the fragile social situation, have a serious impact on the economic society, and solve the problems of your choice.
Disclaimer
The views, ideas and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Please do your own research before making any investment decisions.
