Recently, there’s been an unexpected rise in the value of Shiba Inu (SHIB), the cryptocurrency inspired by the breed of the same name. This jump in price, amounting to 8%, has left traders and investors taken aback.
Amidst the unpredictability of the cryptocurrency market, this unexpected change represents a significant shift in attitude among SHIB investors.
After several days of price drops, resulting in substantial losses for Shiba Inu, its value has bounced back.
For three consecutive days, the price of Shiba Inu took a sharp downturn, mimicking the larger cryptocurrency market collapse. This market slide resulted in Bitcoin reaching its lowest point in over a year at $60,822 during a significant sell-off.
On April 13, the price of Shiba Inu reached a low of $0.00001837. From there, it began to bounce back and has continued to recover up until now.
Shiba Inu’s price change could be affected by broader trends in the cryptocurrency market. The value of this digital currency can be impacted by various influences, such as news, market guesswork, and investor emotions. The crypto market is famous for its volatile nature.
In simpler terms, good news or a positive attitude towards cryptocurrencies as a whole could be influencing SHIB‘s price increase.
A significant advancement: Hong Kong has given preliminary authorization for fund managers to launch Bitcoin and Ethereum spot ETFs. This news has positively impacted the value of these cryptocurrencies and the entire digital asset market.
Bitcoin bounced back from its sharp decline, gaining 3% over the past 24 hours to reach a price of $66,240. Shiba Inu continued its upward trend, increasing by 8% for the second consecutive day, and was priced at $0.00002343 at the time of reporting.
During this period, the value of Bone ShibaSwap (BONE) in Shibarium’s gas token saw a 10% hike and was priced at $0.634 at the present moment. Likewise, Dogekiller (LEASH) experienced similar growth, jumping 9% within the last 24 hours to reach a value of $429 at this instant.
Shib’s price trend is drawing attention as it ascends further. However, it’s unclear whether this uptick marks the beginning of a sustained bull market or merely a brief rebound before another downturn.
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2024-04-15 18:10