Shiba Inu Coin Reflects Signs Of Recovery: Here’s Why

Shiba Inu, the self-proclaimed Dogecoin killer, fueled immense investor enthusiasm today, April 19, as its price regained an upward trajectory. As the broader crypto market braces for the nearing BTC halving, a price rebound struck the crypto market today, with cryptocurrencies sparkling with signs of recovery. 

Coming in tandem with this broader market trend, SHIB, the native token of the Shiba Inu ecosystem, witnessed an approximate 5% surge in its price. This phenomenon pointed towards a potential price recovery trend for the token, pushing Shiba Inu to an optimistic stage. Here’s a closer look into the possible factors that align with SHIB’s price recovery sentiments within the market.

SHIB Price Recovery

The Shiba Inu price surged 4.61% over the past 24 hours and is currently trading at $0.00002286. With the token’s market cap rising 4.58%, further accompanied by a 24-hour trading volume upsurge of 10.97%, Shiba Inu propelled immense market optimism, illustrating signs of a strong recovery. 

A stockpile of optimistic market dynamics appears to be primarily aiding the token’s uptrend. This encompasses SHIB’s token-burning ventures, derivatives data, and Shibarium’s noteworthy stride. Here’s a deeper dive into these cryptographic chronicles:

SHIB’s Burning Escapade

Notably, Shiba Inu’s coin-burning mechanism substantially nourishes SHIB’s market dynamics, killing the token’s excessive supply. Today, the meme coin registered the incineration of 4.64 million tokens, whereas, amidst the recent pre-halving corrections witnessed over the past week, a staggering 714.54 million SHIB was destroyed.

With the supply taking a hit with the abovementioned burns, this chronicle primarily aids SHIB’s price action, fueling optimism on the token. An approximate 5% rally for Shiba Inu falls in line with this recent SHIB burning venture.

Shiba Inu Derivatives Data: Report

Whereas, on-chain data for the dog-based meme token underscored a strong market uptrend. Although SHIB’s open interest jumped marginally by 0.95%, the derivatives volume rose 14.72%, flagging increased investor interest and market activity for the digital asset.

The liquidations continued to surf in dipped territory, with long positions at $409.77K and short positions at $269.47K. Collectively, this further propelled investor optimism on the asset’s price action, mirroring SHIB’s price recovery.

Also Read: Crypto Stocks COIN & MSTR Rally Amid Broader Market Recovery

Shibarium Daily Transactions Hint Rising Adoption

In addition, Shibarium, Shiba Inu’s L2, marked a tempest of strides today as its daily transactions hit 475.03K. This hinted rising market activity within the Shiba Inu ecosystem, fueling the token’s bullish fire.

With the total transactions on the network evaluating 417.31 million, an optimistic sentiment further anchored its foothold on the token. These chronicles collectively mirror the meme coin’s price recovery.

Also Read: Pro-XRP Lawyer Reveals XPRL’s SEC Lawsuit Setbacks, Boosting Rivals Chances

✓ Share:

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.