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SHIBA has risen over 25% in the last 24hrs making it one of the highest gaining cryptocurrencies in the market. This comes after the token had experienced another period of price growth earlier in the month.
This recent movement has analysts pondering on how far this coin will go both in the short-term and in long term.
No one knows what is triggering the recent price movement but it could be one of the below reasons.
SHIBA coin burning
SHIBA coin burning is an open strategy that is meant to ensure there is supply control in the long term. Traditionally, a large SHIBA coin burn triggers a buying spree resulting in a jump in price.
There have been some rumors and news circulating on various social platforms of a huge SHIBA toke burn. Although it is hard to argue a single coin burn can cause a 30 % price jump, there is no doubt such news excites the market.
Token burning or destruction is geared to ensuring that the coin remains deflationary and gains more value in the future.
Almost half of all SHIBA tokens have been taken out this way. There is a growing list of coins taking this strategy as it is been proven to work.
Growth in the SHIBA token popularity
SHIBA’s popularity has been skyrocketing lately. Some polls show that it is on the list of the 3 most popular cryptocurrencies.
An increase in popularity helps attract more investors to an asset. In return, this increases demand causing the price to shoot.
SHIBA currently has over 750,000 holders and the list keeps expanding. Some actions like the recent price gain will only act as a catalyst in attracting more investors to the coin.
It is not a coincidence that the most popular coins are similarly the top in the market. A key example is both bitcoin and Ethereum.
Popular Trading Platforms listing
The more popular a coin gets, the higher chances it has of getting listed on major trading platforms. The current listing campaign in the market is to have SHIBA available on Robinhood.
Just a listing alone is enough to trigger a huge price rise. A good example is when SHIBA got listed on Binance.
The belief is that listing in popular platforms exposes the token to a bigger market. It is also a confidence vote by the platform on the potential of the token.
The recent Robinhood campaign is growing as more SHIBA fans join the petition. The mood in the market is that a formal listing is imminent and hence an increase in speculation.
SHIBA network has recently released its first batch of NFTS in the market. This is a huge milestone for the coin in deepening its presence in the blockchain world.
Such actions point to potential futuristic viability and long-term strategy that could help boost the coins price higher.
This development has likely contributed to the recent price jump. Although not entirely, the fact is that it will contribute even more future gains.
As SHIBA consolidates its recent gains, there is no end to how far this miraculous coin will get. For an investor, the strategy is to keep holding on to your coins because SHIBA surprises never stop.