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While the broader crypto market consolidates, the Shiba Inu (SHIB) price has surged 3% in the last 24 hours. Thanks to the 79 million SHIB tokens burnt in the last 24 hours, thereby reducing market supply and leading to upward price pressure.
As per the data from Shibburn, the accelerated rate for SHIB token burn has jumped by 15% over the last 24 hours. Crypto burning refers to the process of removing some portion of supply permanently from circulation. This creates a scarcity effect thereby driving the crypto value higher.
Also, the developer activity has significantly contributed to driving the SHIB price higher. Over the past month since July 1, the SHIB price has surged more than 25% so far.
Also, with the Shibarium launch nearing, the trading activity on the Shiba Inu blockchain is likely to spike further. Thus, investors can see more price activity in Shioba Inu, going ahead.
Binance Increases OTC Trading Limits for Shiba Inu
One more reason that’s supporting the Shiba Inu price rally is the crypto exchange Binance increasing the OTC trading limit for SHIB. With Binance being the largest crypto exchange in the world, it will significantly spurt the trading volume for SHIB. The new OTC-trading limit for Shhiba Inu on Binance is $30,000.
Over-the-counter (OTC) trading is a form of cryptocurrency trading that enables direct negotiation between buyers and sellers for the sale of a specific quantity of assets at a set price. OTC trading is designed to mitigate market disturbances and minimize price fluctuations.
This positive advancement for users of Shiba Inu and XRP introduces new trading pairs, such as SHIB/USDT, SHIB/USDC, XRP/BTC, XRP/USDT, and XRP/USDC.
Thanks to the enhanced limits, traders on the BinanceUS OTC portal can now execute buy and sell orders for these supported SHIB trading pairs, with a maximum value of $30,000. As of press time, SHIB is trading at $0.00001008 with a market cap of $5.94 billion.
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