Shiba Inu (SHIB), a prominent meme coin, recorded a notable resurgence in its price trajectory. The Shiba Inu price has finally recovered after giving in to the general unfavourable market trends following the release of a vital spot listing notice. The Japanese Yen-dominated spot trading pair for SHIB has been added to Binance Japan.
Addition of Japanese Yen-Dominant Spot Trading Pairs to Binance
Binance Japan has announced the addition of four new trading pairs denominated in Japanese yen as part of a strategic effort to improve its market offerings. The trading of these pairs began on April 30, 2024, at 17:00 (Japan time). The JPY spot trading pairs for Cardano (ADA), Solana (SOL), XRP, and Shiba Inu will now be available to users.
Additionally, Binance introduced Trading Bot services for the newly added trading pairs, allowing users to easily automate their trading plans. Participants will also benefit from perpetually zero maker and taker fees on JPY trading pairs. This move aims to increase engagement and accelerate liquidity in certain markets.
This expansion is a big step in the right direction toward meeting the Japanese market’s increasing need for a wide range of trading options. This move marks an increased adoption of Shiba Inu globally, thus boosting its price. The price of Shiba Inu is getting close to $0.00002400 after hitting a low of $0.00001853 earlier this month.
Shiba Inu Price Recovers
On Tuesday, April 30, the price of the Shiba Inu has increased by 1.82% to $0.00002384. Moreover, the SHIB market cap soared to $13.99 billion, holding the 11th rank on CoinMarketCap. In addition, the 24-hour trading volume for SHIB spiked 17.67% to $501.68 million.
Short positions dominated SHIB liquidations throughout the price rebound. According to Coinglass, Shiba Inu’s short liquidations totalled $254.90K, as these traders repurchased their positions in an attempt to reduce losses from the price spike. In the meantime, longs realized profits by liquidating $198.78K worth of SHIB.
The value of SHIB increased by over 10% in the previous week, with prices swinging between $0.000022 and $0.000028. But over the past month, the Shiba Inu meme coin has lost 16% of its value from its peak of $0.000035. This shows a declining slope in its market worth.
As reported earlier, Shiba Inu is encountering significant resistance at $0.000026. Should the bulls gain momentum and surpass this obstacle, there’s potential for the coin’s value to climb toward $0.00003.
An even more significant breakthrough might pave the way for a rally towards $0.00005 in the future. However, the bears encouraged the SHIB trend to go into additional falls as it recently broke through support at $0.000024. Hence, surpassing this threshold is critical for boosting the SHIB price.
