Here Are The Factors Driving The Shiba Inu Recovery Above $0.00001

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	398,118,858,511	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

398,118,858,511

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	34.94	1.07%	3,310.63	3,310.66	3,310.67

Price Change

Price Change %

Current Price

Bid Price

Offer

34.94

1.07%

3,310.63

3,310.66

3,310.67

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,318.66	3,242.86	3,268.77	3,275.69	1,520.85 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

3,318.66

3,242.86

3,268.77

3,275.69

1,520.85 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
GEMN	14:21:30	0.050000	3,310.65	USD

Exchange

Last Trade

Size

Trade Price

Currency

GEMN

14:21:30

0.050000

3,310.65

USD

Price x Volume	Volume	Base Symbol	Related Pairs
62,887,648.33	19,230.93	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

62,887,648.33

19,230.93

Here Are The Factors Driving The Shiba Inu Recovery Above $0.00001

28/02/2024 7:00pm

NEWSBTC

Shiba Inu (SHIB) is on a roll, having again broken above the crucial $0.00001 resistance level. This recent price surge from the meme coin is believed to be propelled by several factors that undoubtedly provide a bullish narrative for the crypto token. Burn Rate Contributes To The Shiba Inu Rise Data from the burn tracking website Shibburn shows that SHIB’s burn rate has increased exponentially as of late, contributing to the meme coin’s latest price surge. According to Shibburn, almost 103 million SHIB tokens have burned in the last 24 hours, a 1913% increase from the previous day. Related Reading: Crypto Analyst Sounds Warning Alarm: Last Chance To Buy Bitcoin And Ethereum Before Bull Run This is a welcome development, considering that Bitcoinist reported a crash in the SHIB token burns a week ago, with only about 2 million SHIB tokens burned on February 20. As such, a spike in the token burns automatically sends a bullish signal across the ecosystem. Token burning is one of the initiatives the SHIB community has adopted to help increase SHIB’s value. Meanwhile, the recent petition launched by the SHIB community urging Grayscale Investments to offer a Shiba Inu ETF is another factor that could be driving the meme coin’s bullish momentum. Although it seems like a reach, the possibility of launching an ETF that centres around the meme coin is one that provides optimism to SHIB investors. Moreover, the impact that just rumours about an ETF launch could have on the crypto token in question has become evident, having seen how Bitcoin rose significantly on the back of reports that a Spot Bitcoin ETF would be approved. Investors Are Betting More On SHIB Data from Coinglass shows that the open interest for SHIB has increased in the last 24 hours. This is significant as the derivatives market is known to impact a crypto token’s price discovery. The increase in open interest also suggests that traders are likely placing more bullish leveraged bets on the meme coin. Related Reading: Bitcoin Spot ETF Inflows Eye New Record As BTC Price Touches $57,000 This increased interest in the Shiba Inu ecosystem is not surprising, considering how much work the team continues to put in to ensure that the crypto token stands out as more than a meme coin. Earlier this month, they secured a strategic partnership with K9 Finance, a liquid staking derivatives (LSD) platform. This move will ultimately benefit SHIB as more token burns are expected to be carried out due to increased trading activity on Shibarium. More liquidity is also likely to flow into the ecosystem soon enough as K9 Finance recently announced its token generation event, which will take place on March 7. At the time of writing, SHIB is trading at around $0.00001075, up over 5% in the last 24 hours, according to data from CoinMarketCap. SHIB price showing strength at $0.000011 | Source: SHIBUSD on Tradingview.com Featured image from CryptoRank, chart from Tradingview.com

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