The Shiba Inu price rebounded and approached the crucial level of $0.000024 after the Binance crypto exchange added the SHIB/JPY spot trading pair. By Coingape Staff 17 hours ago Updated 14 hours ago
Story Highlights
- The Shiba Inu price recovered after Binance’s SHIB/JPY pair commenced trading.
- Binance also offered Trading Bots services for the newly added Japanese Yen-dominated spot trading pairs.
- SHIB approached the $0.000024 level, which is critical in determining its future trajectory.
Shiba Inu (SHIB), a prominent meme coin, recorded a notable resurgence in its price trajectory. After succumbing to the overall bearish market trends, the Shiba Inu price has finally rebounded after a significant spot listing announcement. Binance Japan has recently added the Japanese Yen-dominated spot trading pair for SHIB.
Binance Adds Japanese Yen-Dominated Spot Trading Pairs
In a strategic move to enhance its market offerings, Binance Japan announced the addition of four new Japanese yen-denominated trading pairs. These pairs started trading at 17:00 on April 30, 2024 (Japan time). Users will now have access to JPY spot trading pairs including Cardano (ADA), Solana (SOL), XRP, and Shiba Inu.
Moreover, Binance also launched Trading Bots services for the recently included trading pairs, enabling users to automate their trading strategies seamlessly. Additionally, participants will enjoy zero maker and taker fees on JPY trading pairs indefinitely. This move aims at encouraging engagement and accelerating liquidity in these markets.
This expansion marks a significant step towards catering to the growing demand for diverse trading options within the Japanese market. This move marks an increased adoption of Shiba Inu globally, thus, boosting its price. After falling to a low of $0.00001853 earlier this month, the Shiba Inu price is now nearing the $0.00002400 mark.
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Shiba Inu Price Recovers
The Shiba Inu price surged 1.82% to $0.00002384 at the time of writing on Tuesday, April 30. 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.
Amid the price recovery, shorts dominated SHIB liquidations. According to Coinglass, the short liquidations for Shiba Inu amounted to $254.90K as these traders bought back their positions to minimize losses from the price surge. Meanwhile, longs also liquidated $198.78K worth of SHIB to realize profits.
In the past week, the value of SHIB has surged by over 10%, with prices bouncing between $0.000022 and $0.000028 range. However, the Shiba Inu meme coin has experienced a 16% decline over the last month, dropping from its peak price of $0.000035. This indicates a downward trajectory 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.
Such a breakthrough could even set the stage for a potential rally towards $0.00005. However, the bears fuelled the SHIB trajectory to enter further declines as it broke support at $0.000024 lately. Hence, surpassing this threshold is of critical importance for a boost to the SHIB price.