Here Are The Factors Driving The Shiba Inu Recovery Above $0.00001
February 28 2024 - 2:00PM
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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