Here are 5 Factors Behind the Massive Shiba Inu Bullish Frenzy Today

Shiba Inu has responded to crucial developments this week, helping the asset reclaim $0.00002501.

Shiba Inu Upswing Today

In the last 24 hours, Shiba Inu’s market value has reached $0.00002501, the highest today at the time of reporting. The intraday peak marks a significant 9.4% uptick from the low of $0.00002266, the asset registered in the previous day.

As a result of this bullish trajectory today, Shiba Inu has reclaimed all losses incurred this week, with its seven-day performance now standing positive. Recall that on Wednesday, Shiba Inu nearly relinquished the $0.00002 threshold when it collapsed significantly following the reinforced pullback from Bitcoin bears that day.

However, trading at $0.00002501, Shiba Inu has recorded an impressive 20.76% gain from the Wednesday low of $0.00002071. Notably, this Shiba Inu upsurge today follows pivotal developments this week.

5 Factors that Likely Influenced Shiba Inu Gains

After the market-wide dip of May 1 dampened investors’ enthusiasm, Bitcoin whales capitalized on the development. Yesterday, The Crypto Basic uncovered that whales injected $2,802,500,000 into the market. 

Specifically, they bought the BTC dip at an average price of $59K, amassing 47,500 tokens in one day. Following this accumulation frenzy, Bitcoin’s price spiked to $63,566, relieving the subdued market sentiment.

Accordingly, altcoins, particularly meme-themed tokens like Shiba Inu, are leading the market gains amid Bitcoin’s recovery. These meme coins are witnessing double-digit percentage gains with a mere 5% uptick in BTC’s value.

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Meanwhile, a crucial announcement from the Shiba Inu development crew this week also influenced SHIB’s gains. In particular, Shiba Inu’s blockchain Shibarium completed the earlier teased hard fork. This pivotal update ushers in “blazing-fast transactions” for the community and predictable gas fees.

Furthermore, Shiba Inu’s global price also got its boost following Binance Japan’s listing of the SHIB/JPY pair, allowing Japanese crypto enthusiasts to trade SHIB with their local currency. The significance of this listing is evident in the fact that Shiba Inu’s soared by over 300% to $0.00011 on the exchange shortly after the listing. 

Other exchanges like Kraken also introduced new margin trading pairs for SHIB on their platform this week.

Moreover, this week, Shiba Inu purchases opened to millions of U.S. residents using PayPal. As The Crypto Basic reported, Shiba Inu buying via PayPal became possible this week after crypto payment processor MoonPay partnered with PayPal.

Essentially, these significant developments, surfacing after Shiba Inu’s recent decline, are believed to have bolstered the asset’s continuing uptrend.