Binance, a place where you can trade cryptocurrencies, made a change. They raised the amount you can trade for Shiba Inu to $30,000. This could mean more trading happening soon.
As the overall crypto market stays steady, the price of Shiba Inu (SHIB) went up by 3% in the past day. This happened because 79 million SHIB tokens were burned (removed from circulation) in the last 24 hours. This made the total supply lower and pushed the price up.
According to information from Shibburn, the rate of burning SHIB tokens increased by 15% in the past day. Burning means making some of the crypto disappear forever. This makes there be less of it, which can make its value go up.
The work done by the developers has played a big role in making the SHIB price go up. In the last month since July 1, the SHIB price has gone up by more than 25%.
Soon, when the Shibarium starts, there will likely be even more trading on the Shiba Inu blockchain. This means the price of Shiba Inu could go up even more in the future.
Binance Raises Shiba Inu OTC Trading Limits
Another reason why the Shiba Inu price is going up is because Binance, a big crypto trading place, raised how much you can trade for SHIB in a special way (called OTC). Binance is the biggest place to trade crypto, so this change could make a lot more trading happen for SHIB. Now, you can trade up to $30,000 worth of SHIB on Binance.
OTC trading is when people buy and sell crypto directly from each other, without using the regular way of trading. This can help keep the prices steady.
This good news also brings something new for people who trade Shiba Inu and XRP. They can now trade these new pairs: SHIB/USDT, SHIB/USDC, XRP/BTC, XRP/USDT, and XRP/USDC.
Because you can trade more now, people on the BinanceUS OTC place can buy and sell these pairs of SHIB and XRP for up to $30,000. Right now, the SHIB price is $0.00001008 and the total value of all SHIB is $5.94 billion.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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