CDS Crypto News Shiba Inu Price Surge, Binance Boosts OTC Limits
Crypto News

Shiba Inu Price Surge, Binance Boosts OTC Limits

The OTC trading limit for Shiba Inu has been elevated to $30,000 by leading cryptocurrency exchange Binance, paving the way for anticipated heightened trading engagements.

577
Shiba Inu Price Surge, Binance Boosts OTC Limits

While the broader cryptocurrency market experiences consolidation, the price of Shiba Inu (SHIB) has surged by 3% within the past 24 hours. This impressive upward movement can be attributed to the incineration of 79 million SHIB tokens during the same timeframe, effectively shrinking the available supply and consequently exerting upward pressure on its price.

Shiba Inu Price Surge, Binance Boosts OTC Limits

Data sourced from Shibburn indicates a remarkable 15% surge in the pace of SHIB token incineration over the last 24 hours. Cryptocurrency burning refers to the deliberate removal of a portion of the token supply from circulation, a process that fosters scarcity and subsequently drives up the value of the digital asset.

The surge in developer activity has also played a pivotal role in the upward trajectory of the SHIB price. Throughout the past month, starting from July 1, the SHIB price has witnessed an impressive surge of over 25%.

Moreover, with the impending launch of Shibarium, the anticipation of heightened trading activity on the Shiba Inu blockchain is bolstering expectations of increased price volatility for SHIB.

Binance bolsters Shiba Inu price rally through expanded OTC trading limits. Further boosting the ongoing rally in Shiba Inu’s price is the decision by prominent cryptocurrency exchange Binance to amplify the over-the-counter (OTC) trading limit for SHIB. Given Binance’s status as the largest global crypto exchange, this move is poised to significantly amplify the trading volume of SHIB. The newly imposed OTC trading cap for Shiba Inu on Binance now stands at $30,000.

Shiba Inu Price Surge, Binance Boosts OTC Limits
Sources:coingape

Leave a comment

Leave a Reply

Related Articles

Ethereum White Paper Anniversary: From Concept to Global Smart Contract Platform

Ethereum White Paper Anniversary: From Concept to Global Smart Contract Platform

Bitcoin Liquidations Spike: Over $150M in Longs Wiped Out as Price Slides

Bitcoin Liquidations Spike: Over $150M in Longs Wiped Out as Price Slides

Memecoins Explained: The Intersection of Internet Culture and Crypto

Binance Research's report analyzes the rise of memecoins, highlighting their cultural impact,...

ETH Price Faces Challenges Amid ETF Outflows

Ethereum (ETH) struggles to maintain price above $2,500 amid ETF outflows and...