At the moment, Crypto house is under immense pressure as the cryptocurrencies are playing between red and green candles and struggling to stabilize the market.
As a lot of accumulation and other positive events are happening in the crypto space, we could make a minor restoration from yesterday’s loss.
After Robinhood platform listed Shiba Inu, the currency jumped nearly 40% witnessing a massive rally.
The Robinhood listing is not the only one behind Shiba Inu price surge, there are other three reasons including, Ethereum wallet addresses accumulation, redacted circulation supply of Shiba Inu and the launch of SHIB: The Metaverse.
In the SHIB: Metaverse’s first phase, called the introductory phase, developers have unlocked a total of 36,431 plots of land.
The bid event’s early access too went live wherein the holders of LEASH and SHIBOSHI can start bidding for the plots of land.
For Shiba Inu holders, the unveiling event of SHIB: The Metaverse was a much awaited one as it will drive Shiba Inu adoption along with the utility of SHIB ecosystem.
Interestingly, it’s been just a day, and the number of SHIB tokens circulation is declining after the burn mechanism was executed and this could be driving a shortage across exchanges as the demand increases.
To pull out 4.4 billion SHIB tokens, several burn parties have been organized where large investors are adding more and more Shiba Inu to their holdings through the recent dips and this increased Shiba Inu token addition is seen especially over the past two weeks.
It is to be noted that two Ethereum whales known as “Light” and “BomBur” have added $8.95 million worth of Shiba Inu to their holdings.
These are the key events that have pushed the Shiba Inu price among other facts. At the time of reporting, Shiba Inu is trading at $0.00002577 with a down of 3.32% over the last 24hrs.
Though Shiba Inu has plunged, if SHIB bulls manage to gain back control with the ongoing development, Shiba Inu could make a way towards $0.000037.
Was this writing helpful?
Source: https://coinpedia.org/altcoin/shiba-inu-metaverse-goes-live-shib-price-eyeing-50-rally-in-near-term/