- Shiba Inu’s price witnesses a 3% increase due to substantial SHIB token burning.
- Binance augments its OTC trading limit for SHIB to $30,000, promising further trading vigor.
Shiba Inu’s Price Momentum Continues
The cryptocurrency community is buzzing as Shiba Inu’s (SHIB) price escalates by 3% within a 24-hour span. This surge is attributed to the annihilation of 79 million SHIB tokens from the circulating supply. For those unfamiliar with crypto lingo, “burning” tokens involves a deliberate and irreversible removal of a portion of the cryptocurrency from the accessible supply. This action inherently fabricates scarcity, which can subsequently propel the asset’s value.
Coupled with the recent surge, Shiba Inu has showcased impressive resilience and potential, with its price elevating by over 25% since the commencement of July. The increasing developer activity around SHIB has been a pivotal factor in this upward trajectory. Furthermore, as the launch of Shibarium (Shiba Inu’s blockchain) looms closer, the blockchain is anticipated to witness an eruption in trading activity, adding fuel to SHIB’s already blazing trail.
Binance Amplifies OTC Limits, Further Bolstering SHIB
The Shiba Inu ecosystem received another shot of adrenaline with the revelation that Binance, the world’s leading cryptocurrency exchange, has amplified its over-the-counter (OTC) trading ceiling for SHIB to a staggering $30,000. For those not in the loop, OTC trading is a bespoke trading method, facilitating direct haggling between parties for asset exchanges at pre-agreed prices. This method is crafted to circumvent market volatility, ensuring minimal price oscillations during the trade.
This strategic decision by Binance not only buttresses Shiba Inu’s trading prowess but also broadens its trading scope. BinanceUS OTC portal now supports new trading pairs, including SHIB/USDT, SHIB/USDC, XRP/BTC, XRP/USDT, and XRP/USDC. With these enhanced limits in place, Binance users can effortlessly place buy or sell orders for these newly supported SHIB trading pairs, capping at the new limit of $30,000. Presently, SHIB holds its ground at $0.00001008, boasting a robust market capitalization of $5.94 billion.