{"id":580947,"date":"2024-02-28T19:00:20","date_gmt":"2024-02-28T19:00:20","guid":{"rendered":"https:\/\/wncen.com\/?p=580947"},"modified":"2024-06-11T07:57:01","modified_gmt":"2024-06-11T07:57:01","slug":"shiba-inu-recovery-0-00001","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/shiba-inu-coin\/shiba-inu-recovery-0-00001\/","title":{"rendered":"Here Are The Factors Driving The Shiba Inu Recovery Above $0.00001"},"content":{"rendered":"

Shiba Inu (SHIB)<\/span><\/a> is on a roll, having again broken above the crucial $0.00001 resistance level. This <\/span>recent price surge<\/span><\/a> from the meme coin is believed to be propelled by several factors that undoubtedly provide a bullish narrative for the crypto token.\u00a0<\/span><\/p>\n

Burn Rate Contributes To The Shiba Inu Rise<\/h2>\n

Data from the <\/span>burn tracking website Shibburn<\/span><\/a> shows that SHIB\u2019s burn rate has increased exponentially as of late, contributing to the <\/span>meme coin\u2019s<\/span><\/a> latest price surge. According to Shibburn, almost 103 million SHIB tokens have burned in the last 24 hours, a 1913% increase from the previous day.\u00a0<\/span><\/p>\n

Related Reading: Crypto Analyst Sounds Warning Alarm: Last Chance To Buy Bitcoin And Ethereum Before Bull Run<\/a><\/div>\n

This is a welcome development, considering that Bitcoinist <\/span>reported<\/span><\/a> a crash in the SHIB token burns a week ago, with only about 2 million SHIB tokens burned on February 20. As such, a spike in the <\/span>token burns<\/span><\/a> automatically sends a bullish signal across the ecosystem. Token burning is one of the initiatives the <\/span>SHIB community<\/span><\/a> has adopted to help increase SHIB\u2019s value.<\/span><\/p>\n

Meanwhile, the <\/span>recent petition<\/span><\/a> launched by the SHIB community urging Grayscale Investments to offer a Shiba Inu ETF is another factor that could be driving the meme coin\u2019s bullish momentum. Although it seems like a reach, the possibility of launching an ETF that centres around the meme coin is one that provides optimism to SHIB investors.\u00a0<\/span><\/p>\n

Moreover, the impact that just rumours about an ETF launch could have on the crypto token in question has become evident, having seen how Bitcoin rose significantly on the back of reports that a Spot Bitcoin ETF <\/span>would be approved<\/span><\/a>.\u00a0<\/span><\/p>\n

Investors Are Betting More On SHIB<\/h2>\n

Data<\/span><\/a> from Coinglass shows that the <\/span>open interest<\/span><\/a> for SHIB has increased in the last 24 hours. This is significant as the derivatives market is <\/span>known<\/span><\/a> to impact a crypto token\u2019s price discovery. The increase in open interest also suggests that traders are likely placing more bullish leveraged bets on the meme coin.<\/span><\/p>\n

Related Reading: Bitcoin Spot ETF Inflows Eye New Record As BTC Price Touches $57,000<\/a><\/div>\n

This increased interest in the Shiba Inu ecosystem is not surprising, considering how much work <\/span>the team<\/span><\/a> continues to put in to ensure that the crypto token stands out as more than a meme coin. Earlier this month, they secured a <\/span>strategic partnership<\/span><\/a> with K9 Finance, a liquid staking derivatives (LSD) platform.\u00a0<\/span><\/p>\n

This move will <\/span>ultimately benefit<\/span><\/a> SHIB as more token burns are expected to be carried out due to increased trading activity on Shibarium. More liquidity is also likely to flow into the ecosystem soon enough as K9 Finance recently <\/span>announced<\/span><\/a> its token generation event, which will take place on March 7.\u00a0<\/span><\/p>\n

At the time of writing, SHIB is trading at around $0.00001075, up over 5% in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n

\"Shiba<\/p>\n

SHIB price showing strength at $0.000011 | Source: SHIBUSD on Tradingview.com<\/a><\/pre>\n
Featured image from CryptoRank, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Shiba Inu (SHIB) is on a roll, having again broken above the crucial $0.00001 resistance level. This recent price surge from the meme coin is believed to be propelled by several factors that undoubtedly provide a bullish narrative for the crypto token.\u00a0 Burn Rate Contributes To The Shiba Inu Rise Data from the burn tracking website Shibburn shows that SHIB\u2019s burn rate has increased exponentially as of late, contributing to the meme coin\u2019s latest price surge. According to Shibburn, almost 103 million SHIB tokens have burned in the last 24 hours, a 1913% increase from the previous day.\u00a0 Related Reading: Crypto Analyst Sounds Warning Alarm: Last Chance To Buy Bitcoin And Ethereum Before Bull Run This is a welcome development, considering that Bitcoinist reported a crash in the SHIB token burns a week ago, with only about 2 million SHIB tokens burned on February 20. As such, a spike in the token burns automatically sends a bullish signal across the ecosystem. Token burning is one of the initiatives the SHIB community has adopted to help increase SHIB\u2019s value. Meanwhile, the recent petition launched by the SHIB community urging Grayscale Investments to offer a Shiba Inu ETF is another factor that could be driving the meme coin\u2019s bullish momentum. Although it seems like a reach, the possibility of launching an ETF that centres around the meme coin is one that provides optimism to SHIB investors.\u00a0 Moreover, the impact that just rumours about an ETF launch could have on the crypto token in question has become evident, having seen how Bitcoin rose significantly on the back of reports that a Spot Bitcoin ETF would be approved.\u00a0 Investors Are Betting More On SHIB Data from Coinglass shows that the open interest for SHIB has increased in the last 24 hours. This is significant as the derivatives market is known to impact a crypto token\u2019s price discovery. The increase in open interest also suggests that traders are likely placing more bullish leveraged bets on the meme coin. Related Reading: Bitcoin Spot ETF Inflows Eye New Record As BTC Price Touches $57,000 This increased interest in the Shiba Inu ecosystem is not surprising, considering how much work the team continues to put in to ensure that the crypto token stands out as more than a meme coin. Earlier this month, they secured a strategic partnership with K9 Finance, a liquid staking derivatives (LSD) platform.\u00a0 This move will ultimately benefit SHIB as more token burns are expected to be carried out due to increased trading activity on Shibarium. More liquidity is also likely to flow into the ecosystem soon enough as K9 Finance recently announced its token generation event, which will take place on March 7.\u00a0 At the time of writing, SHIB is trading at around $0.00001075, up over 5% in the last 24 hours, according to data from CoinMarketCap.\u00a0 SHIB price showing strength at $0.000011 | Source: SHIBUSD on Tradingview.com Featured image from CryptoRank, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":581722,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[92559],"tags":[83668,84473,89716,83667,89157,86437,91758,89043,91757,84562,84558],"class_list":["post-580947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shiba-inu-coin","tag-shib","tag-shib-price","tag-shib-price-performance","tag-shiba-inu","tag-shiba-inu-news","tag-shiba-inu-price","tag-shiba-inu-price-rally","tag-shiba-inu-rally","tag-shiba-inu-recovery","tag-shibusd","tag-shibusdt"],"acf":[],"yoast_head":"\nHere Are The Factors Driving The Shiba Inu Recovery Above $0.00001<\/title>\n<meta name=\"description\" content=\"Shiba Inu (SHIB) is on a roll, having again broken above the crucial $0.00001 resistance level amid an impressive market recovery.\" 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Matherson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g","caption":"Scott Matherson"},"description":"Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Here Are The Factors Driving The Shiba Inu Recovery Above $0.00001","url":"http:\/\/wncen.com\/news\/shiba-inu-coin\/shiba-inu-recovery-0-00001\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/shiba-inu-coin\/shiba-inu-recovery-0-00001\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/Shiba-inu-1.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/Shiba-inu-1.jpeg?fit=1040%2C530"},"articleSection":"Shiba Inu Coin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["shib","shib price","shib price performance","shiba inu","shiba inu news","shiba inu price","shiba inu price rally","shiba inu rally","shiba inu recovery","shibusd","shibusdt"],"dateCreated":"2024-02-28T19:00:20Z","datePublished":"2024-02-28T19:00:20Z","dateModified":"2024-06-11T07:57:01Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Here Are The Factors Driving The Shiba Inu Recovery Above $0.00001\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/shiba-inu-coin\\\/shiba-inu-recovery-0-00001\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/shiba-inu-coin\\\/shiba-inu-recovery-0-00001\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/Shiba-inu-1.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/Shiba-inu-1.jpeg?fit=1040%2C530\"},\"articleSection\":\"Shiba Inu Coin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"shib\",\"shib price\",\"shib price performance\",\"shiba inu\",\"shiba inu news\",\"shiba inu price\",\"shiba inu price rally\",\"shiba inu rally\",\"shiba inu recovery\",\"shibusd\",\"shibusdt\"],\"dateCreated\":\"2024-02-28T19:00:20Z\",\"datePublished\":\"2024-02-28T19:00:20Z\",\"dateModified\":\"2024-06-11T07:57:01Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/Shiba-inu-1.jpeg?fit=1040%2C530","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/580947"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=580947"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/580947\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/581722"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=580947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=580947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=580947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}