Bitcoin halving is just hours away while Shiba Inu (SHIB) sees a rise, making its investors happy once more. In line with this market outlook, SHIB, the native cryptocurrency of the Shiba Inu ecosystem, hosted a price increase of about 5%. This development has once again raised the voices of optimism within the Shiba Inu community. So, what’s happening with SHIB?
SHIB Price Recovery
In the last 24 hours, the price of Shiba Inu has risen from a low of $0.00002084 to trade in the $0.00002286 region.
The market value of the token also increased, surpassing $13.4 billion. Additionally, considering the 24-hour trading volume, there was a 14.97% increase, taking Shiba Inu’s volume to $628 million. This situation can be interpreted as a recovery for SHIB.
The optimistic market dynamics seem to have had a significant impact on the token’s rising trend. Factors contributing to this situation include SHIB’s token burning process, derivative data, and developments related to Shibarium.
SHIB Burns
Token burning is considered one of the most important mechanisms that could drive SHIB forward. Today, 4.64 million tokens were reported burned, and surprisingly, 714.54 million SHIB tokens were removed from circulation during the correction period linked to the halving expectations last week.
Due to these burns, the supply contraction appears to have helped SHIB’s price movement and supported the optimistic sentiment specific to the token.
Shiba Inu Derivative Data
On the other hand, on-chain data might also indicate a potential rise for SHIB. Open interest on SHIB shows a relatively low increase of 0.95%, while derivative volume increased by 14.72%, highlighting the rising interest and trading volume.
When examining liquidations, long positions saw liquidations amounting to $409,000, while short positions had $269,460 in liquidations.
Shibarium and Adoption
Lastly, Shibarium, serving as Shiba Inu’s Layer 2, reached 475,000 daily transactions, which is interpreted as a significant recovery.
With the total number of transactions on the network reaching 417.31 million, the optimism specific to the network seemed to have increased further. All this information combined suggests a robust recovery for SHIB.
