- Shiba Inu rose 6% as the overall crypto market rebounded, with market capitalization crossing $3.86 trillion.
- Shibarium upgrades, including staking 2.0 and gas fee support, boosted network strength and investor interest.
- Whale accumulation and a 2,742% increase in SHIB burns contributed to reduced supply and increased price pressure.
Shiba Inu posted a 6% gain today, climbing to $0.00001405, as the broader cryptocurrency market showed signs of recovery. The global crypto market cap increased by 2%, reaching $3.86 trillion. Bitcoin also moved past the $117,000 mark, reinforcing the positive market sentiment.
The recent upgrades to Shibarium have played a key role in Shiba Inu’s price movement. These updates include gas fee sponsorship via Shib Paymaster and the launch of staking version 2.0. These developments aim to strengthen the network infrastructure, supporting long-term project growth.
Ethereum Activity Adds to SHIB Rally
SHIB’s momentum was further influenced by activity linked to Ethereum. Institutional interest in Ethereum has indirectly lifted the prices of several ETH-based tokens, including SHIB. This correlation has created added upward pressure on SHIB’s valuation.
Whale activity surged this week, with over 4.68 trillion SHIB tokens accumulated on July 23. At the same time, Shibarium recorded a 2,742% increase in its token burn rate. This burn removed approximately 6.3 million tokens from circulation, temporarily tightening supply.
Investor Activity Remains Elevated Despite Volume Dip
Based on Coinglass, SHIB open interest rose by 8.31% to reach US$231.16 million. Even though the volume of shares traded daily declined by 27 percent to 241.9 million, there has not been a drop in investor confidence, and this implies that investors are likely to keep the positions they have instead of trading.
Technical trends of SHIB are still equivocal. Although the Relative Strength Index (RSI) and Bollinger Bands indicate that the potential upsurge of the stock can be further sustained, a bull indicator like the Moving Average Convergence Divergence (MACD) indicates that there is a risk of correction. Analysts note that a cup and handle shape is developing, and these changes can result in additional gains given that the support is maintained.
