Shiba Inu (SHIB) Price Shows Signs Of Recovery, Here’s Why

Following a strong correction witnessed by Shiba Inu recently, the meme coin appears to be regaining an upward momentum in the broader crypto market today, illustrating signs of a price recovery for the SHIB token. This upward momentum noted by SHIB comes riding along a plethora of bullish factors that piqued the interest of crypto market enthusiasts across the global crypto realm.

Here’s a closer look into the key reasons that potentially aided SHIB’s price upswing, stirring speculations over an end-of-correction for the dog-based meme token.

Key Reasons For SHIB’s Price Upswing

Numerous bullish factors, including token burns, on-chain data, and Shibarium’s spike in total transactions, appear to be supporting SHIB’s upward trajectory today. Here’s a deeper dive into these bullish factors.

SHIB Burn Sparks Optimism

Intriguingly, the Shiba Inu burn rate surged 136% today, April 6, sparking notable investor enthusiasm as the token’s supply once again took a hit. According to the insights revealed by Shibburn, 15.03 million SHIB was incinerated in the past 24 hours, falling in line with SHIB’s price upswing.

Meanwhile, the Shiba crypto community noted the incineration of a staggering 224.35 million SHIB over the past week amid market corrections in an effort to cushion SHIB’s fall. This appears to be potentially offering the token some support, as its price prevented further downturns and jumped considerably today.

HOURLY SHIB UPDATE$SHIB Price: $0.00002724 (1hr -0.79% ▼ | 24hr 2.77% ▲ )
Market Cap: $16,080,997,793 (3.40% ▲)
Total Supply: 589,275,363,456,686

TOKENS BURNT
Past 24Hrs: 15,033,791 (136.63% ▲)
Past 7 Days: 224,352,193 (3.78% ▲)

— Shibburn (@shibburn) April 6, 2024

As of writing, the total number of tokens burnt from Shiba Inu’s initial supply totaled 410.72 trillion SHIB.

Shibarium Transactions Hint Rising SHIB Adoption

In the interim, another optimistic event spotlighted by Shiba Inu’s marketing lead, Lucie, falls in line with SHIB’s price upswing. Lucie recently took to a post on X, drawing attention to new heights scaled by Shibarium’s total transactions.

Notably, the total transactions on Shibarium were evaluated at 413.33 million today, underscoring the rising popularity of Shiba Inu’s L2 in the crypto space.

#Shibarium https://t.co/A6JTbEDWue

— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO (@LucieSHIB) April 6, 2024

The burgeoning rise in Shibarium transactions hints at rising adoption of the asset and the rising popularity of it’s ecosystem among investors, coinciding with the upswing noted by the token.

SHIB’s Market Analysis

In addition to the aforementioned bullish factors, SHIB’s open interest noted a spike of 0.95%, per Coinglass data, hinting at some rising interest among investors for the asset. This added a tint of bullishness to Shiba Inu, as money inflow rose in the derivatives market.

Meanwhile, technical indicators flagged out a buying sentiment for the token, further adding to the SHIB’s market optimism. Although the RSI moved along 49, underscoring a neutral sentiment in the broader trend, some buying pressure prevailed in the market, as previously mentioned. This potentially underscores today’s price upswing, whereas an increased buying pressure could further pump Shiba Inu. Coupled with a supply hit with the abovementioned burn, this buying pressure further validates SHIB’s price jump.

Also Read: PENDLE Price Rallies 130% Gaining Market Attention, What’s Next?

Shiba Inu Price Springs

As of writing, the Shiba Inu token has gained 2.01% in the past 24 hours and is currently trading at $0.0000273. With the token’s 24-hour lows and highs at $0.00002636 and $0.00002746, respectively, Shiba Inu currently shows signs of consolidation. However, with the abovementioned bullish factors and the price upswing noted by the token today, crypto market enthusiasts speculate over a potential end of correction and the onset of a recovery.

Also Read: Pantera Capital Makes Huge Returns By Investing in Solana, & These Crypto

The post Shiba Inu (SHIB) Price Shows Signs Of Recovery, Here’s Why appeared first on CoinGape.

Crypto Pulpit