Crypto Shiba Inu: Spectacular rebound after a week of turbulence
After a tumultuous week, the cryptocurrency universe seems to be calming down. The charts, formerly in the red, are now turning green, with Bitcoin leading the way, closely followed by other altcoins. Even the iconic Shiba Inu crypto seems to have forgotten its recent troubles. But what are the factors that have allowed SHIB to bounce back?
Shiba Inu regains color after a tumultuous week
As Bitcoin fell below $57,000, other cryptocurrencies followed the same downward trend. The hope for a rebound for SHIB fans seemed to be fading. However, recently, the situation has shifted. The world’s second most important memecoin has surprised many with its recent performance.
According to The Crypto Basic, the Shiba Inu crypto is coming back strong today, displaying a significant increase in its value. With an intraday peak reaching $0.00002501, it records a growth of 9.4% from its recent low of $0.00002266.
This recovery has allowed Shiba Inu to recoup all the losses incurred this week, now showing a positive performance over seven days.
The factors that propelled SHIB crypto gains
Bitcoin Whales: A Massive Injection
Following the market’s plunge on May 1st, Bitcoin whales took the opportunity to capitalize. Indeed, they injected $2.8 billion into the market, purchasing the BTC dip at an average price of $59,000. This accumulation frenzy propelled Bitcoin’s price to $63,566, thus boosting the overall market, particularly altcoins like Shiba Inu.
Shibarium Blockchain Hard Fork
A major announcement from the Shiba Inu development team also contributed to SHIB’s gains. The Shibarium blockchain, in fact, successfully completed the previously announced hard fork. This update provides the community with “ultra-fast transactions” and predictable gas fees.
Listing on Binance Japan: A New Surge
The listing of the SHIB/JPY pair by Binance Japan also played a crucial role in the meteoric rise of Shiba Inu’s price. This listing has enabled Japanese cryptocurrency enthusiasts to trade SHIB with their local currency.
New Margin Trading Pairs on Kraken
Kraken has joined the movement by introducing new margin trading pairs for SHIB crypto on its platform this week. This initiative helped to strengthen Shiba Inu’s position in the market.
Buying Shiba Inu via PayPal
This week, American residents were also able to purchase Shiba Inu via PayPal, following a partnership between cryptocurrency payment processor MoonPay and PayPal. This access to a new market has boosted demand for SHIB, contributing to its recent gains.
