Why Shiba Inu (SHIB) Price Surged 30%?
Shiba Inu, a popular cryptocurrency, achieved a major milestone yesterday when it eliminated a zero from its value due to a massive spike in prices. This milestone comes amid an enormous rally in the crypto market, where other cryptocurrencies, including Bitcoin, have also seen significant growth.
The recent surge in cryptocurrency prices is attributed to increasing mainstream adoption of these digital assets, as well as growing interest from institutional investors. Many experts predict that these digital assets will continue to see growth in the coming months and years, indicating a bright future for the crypto market as a whole.
Shib’s Current Value
As of now, the current value of Shiba Inu (SHIB) is showing significant growth, with the current market price being recorded at $0.000011 USD, according to CoinMarketCap.
Additionally, the trading volume of SHIB within the last 24 hours is $553,570,747 USD. The crypto has seen a 14.23% increase in the last 24 hours and is currently ranked #15 on CoinMarketCap with a live market cap of $5,944,296,217 USD and a circulating supply of 549,063,278,876,302 SHIB coins.
This is a significant achievement for the crypto, which had struggled to return to its former high of above $0.00001 following a collapse on FTX in November, where it fell to a low of $0.00000850. The recent rally is a positive development for the asset and the crypto market as a whole.
Key Developments For The Asset
The recent elimination of a zero from Shiba Inu’s (SHIB) price is attributed to several significant events that have taken place in the crypto ecosystem.
Binance reduced the number of SHIB in circulation by staking 4T units on January 10th, CoinGate, a leading cryptocurrency payments processing company, expanded SHIB’s use as a payment method by partnering with Wix to enable European merchants to accept SHIB payments.
Additionally, the team behind the development of Shibarium announced that the upcoming layer-2 scaling network would be able to burn SHIB tokens, reducing the crypto’s supply.
Last week, CertiK ranked ShibaSwap, SHIB’s decentralized exchange, as the most-watched DEX on the platform. All these events have positively impacted the value of SHIB.