After a turbulent week, the cryptocurrency world seems to be regaining its calm. The curves, once in the red, are now turning green, with Bitcoin in the lead, closely followed by other altcoins. Even the iconic Shiba Inu crypto seems to have forgotten its recent setbacks. But what are the factors that allowed SHIB to rebound?
Shiba Inu regains color after a tumultuous week
While Bitcoin fell below $57,000, other cryptocurrencies followed the same downward trend. The hope of a rebound for SHIB fans seemed to fade. However, recently the situation has changed. The second largest memecoin in the world has surprised many with its recent performance.
According to The Crypto Basic, the Shiba Inu crypto is regaining momentum today, showing a significant increase in its value. With an intraday peak reaching $0.00002501it is up 9.4% from its recent low of $0.00002266.
This rise allows Shiba Inu to recover all the losses suffered this week, now posting a positive performance over seven days.
The factors that propelled SHIB crypto gains
Bitcoin whales: a massive injection
After the May 1 market plunge, Bitcoin whales seized the opportunity to capitalize. In fact, they have injected 2.8 billion dollars on the market, buying the dip in BTC at an average price of $59,000. This accumulation frenzy propelled the price of Bitcoin to $63,566, boosting the market as a whole, including altcoins like Shiba Inu.
Hard fork of the Shibarium blockchain
A major announcement from the Shiba Inu development team also contributed to SHIB's gains. The Shibarium blockchain has indeed successfully completed the previously announced hard fork. This update offers the community “lightning-fast transactions” and predictable gas fees.
Listing on Binance Japan: a new boom
The listing of the SHIB/JPY pair by Binance Japan also played a crucial role in the Shiba Inu price skyrocketing. This listing allowed Japanese cryptocurrency enthusiasts to exchange SHIB with their local currency.
New margin trading pairs on Kraken
Kraken followed suit by introducing new margin trading pairs for SHIB crypto on its platform this week. This initiative helped strengthen Shiba Inu's position in the market.
Purchasing Shiba Inu via PayPal
This week, US residents were also able to purchase Shiba Inu through PayPal, following a partnership between crypto payment processor MoonPay and PayPal. This opening to a new market has boosted demand for SHIB, contributing to its recent gains.
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