Shiba Inu Price Increases 6% Today- Here’s Why?

The Shiba Inu (SHIB) token is a digital asset that has seen a meteoric rise in cryptocurrency over the past several months. Since its launch in mid-February 2021, the SHIB token has experienced impressive growth, leading many investors to speculate on its future price. Today, the price of Shiba Inu continues to increase as investors take advantage of recent developments surrounding 'meme token'.

The Live SHIBA INU Price

SHIB is trading at $0.000008908 USD with a 24-hour trading volume of $210M. The market capitalization of the coin is currently at $4.8B USD. Despite recent losses, Shiba Inu is still up 6% for the day. However, whether or not the price will continue to climb depends on the whales' actions and the upcoming Shibarium launch.

The Whales Effect

One factor that has contributed to the increased valuation of Shiba Inu is the whale effect. In January 2021, a massive Shiba Inu transfer was recorded on the Ethereum blockchain. This transaction involved a movement of 3,373,256,285,000 SHIB tokens, worth upwards of $28.7 million at the time of transfer. A whale most likely did this transaction, and the subsequent effect of the move probably resulted in a slight dip in the price of Shiba Inu. The price drop, however, did not last long, as investors and traders adjusted to the new trend and started to take advantage of the situation, which increased the price of Shiba Inu.

The Metaverse and Shibarium

Looking to expand the utility of SHIB, the development team has recently launched a metaverse — a virtual reality project powered by non-fungible tokens (NFTs) — where users can purchase digital lands using either ETH or its equivalent amount in SHIB tokens. In addition, other Shiba Inu-related tokens – BONE and LEASH – will play various roles within the metaverse.

Another much-anticipated project within the Shiba Inu community is the soon-to-be-launched Shibarium. Now, the developers have revealed that every transaction on the Shibarium network will result in a burn of Shiba Inu (SHIB) tokens. This burn mechanism is likely to act as a good enough catalyst for the SHIB token and Shibarium blockchain. With the burning mechanism in place, the supply of SHIB tokens will reduce, and this could result in a potential appreciation of SHIB's price over time.

Overall, the Shiba Inu (SHIB) token has been on a positive trend due to several factors, such as increasing demand, the whale effect, and the announcement of new blockchain projects. As projects continue to roll out and demand for the SHIB tokens keeps growing, there is a good chance that Shiba Inu's price will continue to increase.