As a researcher with a background in cryptocurrency markets, I’m excited to see Shiba Inu (SHIB) making headlines once again. The recent announcement of Binance Japan listing Japanese Yen-dominated spot trading pairs for SHIB has significantly impacted the price trajectory of this meme coin.
As a crypto investor, I’m excited to share that Shiba Inu (SHIB), the popular meme coin, has experienced a significant price turnaround. After enduring the widespread bearish market trends, the Shiba Inu price has finally bounced back following a major announcement – Binance Japan listing its Japanese Yen-denominated spot trading pair for SHIB.
Binance Adds Japanese Yen-Dominated Spot Trading Pairs
Binance Japan, with the goal of expanding its product offerings to better serve the market, introduced four new Japanese yen trading pairs on April 30, 2024 (Japan time), at 17:00. These pairs now enable users to trade Cardano (ADA), Solana (SOL), XRP, and Shiba Inu in JPY spot markets.
Further, Binance introduced Trading Bots for newly added trading pairs, allowing users to effortlessly implement their trading plans automatically. Plus, traders benefit from no fees whatsoever when dealing with JPY pairs, an ongoing incentive intended to boost involvement and enhance market fluidity.
This development represents a major advancement in addressing the increasing appetite for varied trading opportunities in Japan’s financial market. Simultaneously, the widespread acceptance of Shiba Inu around the world results in heightened interest and price growth. Following its recent dip to $0.00001853 earlier this month, the Shiba Inu price is now approaching the $0.00002400 threshold.
Shiba Inu Price Recovers
At the current moment on Tuesday, April 30, the price of Shiba Inu rose by 1.82%, reaching $0.00002384. Notably, the market capitalization of Shiba Inu skyrocketed to an impressive $13.99 billion, securing it the 11th position on CoinMarketCap. Furthermore, there was a significant increase in the coin’s trading volume, amounting to $501.68 million over the past 24 hours, representing a 17.67% surge.
During the price rebound, short sellers accounted for significant Shiba Inu liquidations totaling $254,900, as they covered their positions to mitigate losses from the price spike. Concurrently, long position holders liquidated $198,780 worth of SHIB to secure profits.
Over the past week, SHIB‘s value has jumped by more than 10%, fluctuating between approximately $0.000022 and $0.000028. However, this meme coin saw a significant decrease of around 16% over the last month. Its peak price was at $0.000035 before this downturn, suggesting a potential trend of decreasing market value for SHIB.
Based on my previous research, I’ve found that Shiba Inu is currently facing strong resistance at the price level of $0.000026. If the bullish momentum manages to push through this barrier, there’s a possibility for the coin’s value to increase and potentially reach around $0.00003.
As a crypto investor, I believe that this recent development could pave the way for a potential surge in Shiba Inu’s price all the way up to $0.00005. However, the bears have been relentless in driving down SHIB‘s trajectory by breaking its support at $0.000024. Consequently, it is essential for SHIB to overcome this resistance level if we are to witness a significant price increase.
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2024-04-30 11:56