Key Reasons Driving Today’s Huge Shiba Inu Bullish Surge
Release: 2024/05/04 19:59 Reading: 604
Shiba Inu has surged to $0.00002501 in the last 24 hours, marking a 9.4% increase from the previous day's low of $0.00002266. This bullish momentum has allowed Shiba Inu to recover all losses from the week and record a positive seven-day performance. The surge follows significant developments earlier this week.
Bitcoin Whales Seize Opportunity Amid Market Dip
Bitcoin whales made strategic moves following the market dip on May 1, capitalizing on the opportunity to buy the BTC dip at an average price of $59K. In just one day, they accumulated 47,500 tokens, driving Bitcoin's price to $63,566 and alleviating subdued market sentiment.
Amid Bitcoin's recovery, altcoins, particularly meme-themed tokens like Shiba Inu, are witnessing significant gains. Even with a modest 5% increase in BTC's value, meme coins are experiencing double-digit percentage gains, leading the market recovery.
Meme Tokens in Green Today | CoinMarketCap
Shiba Inu's recent gains were further bolstered by a significant announcement from the development team. Shibarium, Shiba Inu's blockchain, successfully completed the teased hard fork, promising blazing-fast transactions and predictable gas fees for the community.
Shiba Inu's Global Expansion Drives Price Surge
Shiba Inu experienced a significant boost in its global price following the listing of the SHIB/JPY pair on Binance Japan. This listing allowed Japanese crypto enthusiasts to trade SHIB with their local currency, resulting in a remarkable surge of over 300% to $0.00011 shortly after the listing.
Several other exchanges also contributed to Shiba Inu's growth by introducing new margin trading pairs for SHIB, including Kraken. Additionally, Shiba Inu purchases became accessible to millions of U.S. residents through PayPal, facilitated by a partnership between crypto payment processor MoonPay and PayPal.
These significant developments, emerging after a recent decline in Shiba Inu's value, are believed to have strengthened the asset's ongoing uptrend.
Also Read: Cardano Whales Lead as ADA Volume Surpasses Dogecoin & Litecoin
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice. 
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