Shiba Inu Regains Bullish Sentiment, Surges Over 5% Amid Market Recovery

Trending memecoin Shiba Inu has captured the attention of investors as it regains bullish momentum amid the global crypto market recovery. The price of SHIB has surged by a remarkable 5% earlier today raising optimism about a potential further upward trend as the Bitcoin halving comes live.

The global crypto market has witnessed a significant upsurge over the last day, thanks to the upcoming Bitcoin halving slated to start today, April 19. Consequently, the majority of the tokens are trading in the green zone as shown in the crypto heat map. Furthermore, the total market cap has spiked by 3.50% to $2.34 trillion within this time. Additionally, the total trade volume in the last 24 hours has surged by 10.81% to $113.5 billion. Apart from the anticipated halving event, here are other factors that are fueling the present upsurge.

Massive Shiba Inu (SHIB) Burn

The Shiba Inu community has been actively burning substantial amounts of tokens over the past month. As previously reported by Coinfomania, the SHIB burn rate surged by a significant 500% earlier this week after a massive 19.3 million tokens were sent to burn addresses. According to data from Shibburn, a dedicated Shiba Inu burn tracker, more than 4.6 million SHIBs have been removed from circulation today with a burn rate increase of 81%.

The primary aim of burning SHIB is to drastically reduce the total circulating supply, creating scarcity and potentially impacting the price of the asset. The burning event usually aids the price action of SHIB. Shiba Inu investors are likely to capitalize on the hype surrounding the crypto market right now to fuel the price of their beloved assets.

Shibarium Increased Adoption

Shibarium has made the news this week with rising daily transactions signifying increased adoption. The layer 2 blockchain solution, designed to scale the Shiba Inu ecosystem has recorded an increase in its daily and total transactions. According to a previous report by Coinfomania, the Shibarium daily transactions surged by 160% on April 18, creating excitement across the ecosystem.

This hints at rising market activities within the ecosystem, indicating bullish sentiments. At the time of writing, Shibarium’s daily transactions rest at 475.03k with 417.3 million total transactions. What is more, the total wallet addresses connected to the network now stands at 1,783,249 (1.78 million). The rise in activities within the network reflects the self-proclaimed “Dogecoin killer” price movement.

Shiba Inu (SHIB) Price Today

Meanwhile, Shiba Inu has remained in the green zone today. According to data from CoinMarketCap, the price of SHIB is $0.00002296 signifying a 3.31% increase at the time of writing. In addition, the token’s 24-hour trading volume has increased by 13.6% to $643 million over the last 24 hours. Finally, SHIB maintains the #11 position on the global crypto market list with a live market cap of $13.5 billion.