Shiba Inu Surprise! Binance Japan Listing Ignites 360% Price Spike
May 01 2024 - 3:15AM
NEWSBTC
Shiba Inu (SHIB), the meme coin with a loyal following, experienced
a whirlwind of activity in the Japanese market this week. The
catalyst? The listing of a new SHIB/JPY trading pair on Binance
Japan, a move that initially sent the price soaring. Related
Reading: Ethereum Fees Dive: Will This Spark A Surge In Network
Activity? Shiba Inu Soars On Binance Listing, But Briefly On April
30th, Binance Japan announced the addition of the SHIB/JPY pair to
its spot trading platform. This move provided Japanese investors
with a convenient way to trade SHIB directly with their yen,
eliminating the need for currency conversions. The news was met
with excitement in the Shiba Inu community, particularly in Japan,
where the dog-themed coin enjoys a strong following.
Binanceジャパンが2024年4月30日17:00より現物取引において日本円建ての取引ペア #SHIB/JPY を追加。
上記取引ペアは現在実施中の売買取引手数料無料キャンペーンの対象で、期間中はメイカー手数料およびテイカー手数料ともに無料とのこと。https://t.co/Fus96RbCN5
— KURO🐾SHIBARMY JPN🇯🇵 (@kuro_9696_9696) April 30, 2024 Following
the listing, SHIB experienced a momentary surge, with its price
briefly reaching ¥0.016666 (approximately $0.00011). This
represented a staggering 360% increase from the opening trading
price of the pair. A prominent Japanese Shiba Inu community member,
KURO, documented the surge on social media, further fueling the
buzz. However, the jubilation proved short-lived. The price quickly
stabilized at a much lower point, ¥0.003741 (around $0.000024),
highlighting the volatility inherent in the cryptocurrency market.
While the initial spike generated excitement, it’s crucial to
remember that such surges are often fleeting and don’t necessarily
translate to long-term growth. 一瞬だけSHIB 0.016666円😁#柴犬コイン #シバイヌコイン
https://t.co/asKUDx4Omu pic.twitter.com/DeBtIV9iYw — KURO🐾SHIBARMY
JPN🇯🇵 (@kuro_9696_9696) April 30, 2024 Can SHIB Maintain Its
Footing? A Look Beyond The Listing The impact of the Binance Japan
listing on SHIB’s long-term price trajectory remains to be seen.
While it undoubtedly increased accessibility for Japanese
investors, several factors will determine the coin’s future
performance. The cryptocurrency market itself is currently facing
headwinds. Bitcoin, the world’s leading cryptocurrency, has seen a
significant price correction in recent months, dragging other
digital assets down with it. SHIB’s fate is likely intertwined with
the overall market sentiment. Total crypto market cap currently at
$2.14 trillion. Chart: TradingView The success of the Shiba Inu
development team’s ongoing projects, such as the Shibarium Layer 2
blockchain and token burning initiatives, could significantly
impact the coin’s value proposition. If these projects gain
traction and deliver on their promises, they could attract more
investors and drive up demand for SHIB. SHIB price action in the
last day. Source: Coingecko The Rise Of Litecoin As A Fiat Onramp
Interestingly, the increased focus on fiat-to-crypto gateways like
the SHIB/JPY pair coincides with the growing popularity of Litecoin
(LTC) as a method to buy other cryptocurrencies. Unlike Bitcoin,
Litecoin boasts faster transaction times and lower fees, making it
an attractive option for investors seeking a smoother entry point
into the crypto market. Related Reading: XRP Price On Watch: Can
This 23 Million Token Purchase Spark A Rally? Whether LTC can
capitalize on this trend and establish itself as a preferred fiat
onramp remains to be seen, but it presents an alternative pathway
for those hesitant about the volatility associated with direct
fiat-to-meme coin purchases. Featured image from Pexels, chart from
TradingView
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