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.
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