Shiba Inu (SHIB) Price Surges 3% as Token Burn and Developer Activity Drive Market Growth

Surge in Shiba Inu (SHIB) Price Driven by Token Burning and Developer Activity

While the broader crypto market consolidates, the Shiba Inu (SHIB) price has surged 3% in the last 24 hours. This is due to the burning of 79 million SHIB tokens, reducing market supply and creating upward price pressure. The accelerated rate of token burn has increased by 15% over the past 24 hours, contributing to the scarcity effect and driving the crypto value higher.

Developer Activity and Shibarium Launch

Developer activity has also played a significant role in driving the SHIB price higher. Since July 1, the SHIB price has surged more than 25%, and with the upcoming Shibarium launch, trading activity on the Shiba Inu blockchain is expected to spike further. Investors can anticipate more price activity in Shiba Inu in the future.

Binance Increases OTC Trading Limits for SHIB

The Shiba Inu price rally is further supported by Binance, the largest crypto exchange in the world, increasing the over-the-counter (OTC) trading limit for SHIB. OTC trading enables direct negotiation between buyers and sellers and helps mitigate market disturbances and minimize price fluctuations. The new OTC trading limit for Shiba Inu on Binance is $30,000, which will significantly boost the trading volume for SHIB.

This positive development also introduces new trading pairs for Shiba Inu and XRP, such as SHIB/USDT, SHIB/USDC, XRP/BTC, XRP/USDT, and XRP/USDC. Traders on the BinanceUS OTC portal can now execute buy and sell orders for these supported SHIB trading pairs with a maximum value of $30,000. Currently, SHIB is trading at $0.00001008 with a market cap of $5.94 billion.

Hot Take

With the burning of SHIB tokens, developer activity, and the increased OTC trading limits on Binance, Shiba Inu is experiencing significant price growth and market attention. Investors should keep an eye on the upcoming Shibarium launch and the potential for further price activity in the future. However, it’s important to remember the volatility of the crypto market and to make informed decisions when investing in cryptocurrencies like Shiba Inu.