4 reasons why the Shiba Inu price has risen sharply

Shiba Inu (SHIB) experienced a sharp drop in value during the recent crypto market correction, with the coin falling to $0.000020.

Since then, SHIB has made an impressive recovery, with the price rising to $0.000025 at the time of writing. This represents an increase of 25% compared to the low point a few days ago.

There appear to be four main factors supporting this recent price increase.

1. Recovery of the crypto market stimulates Shiba Inu price increases

The first reason for the recent Shiba Inu price increase is the recovery of the overall crypto market. This recovery was accompanied by large purchases, which pushed up not only the price of Bitcoin, but also that of all altcoins, including memecoins such as Shiba Inu. These coins are generally very volatile and react strongly to changes in market movements.

2. De Shibarium hard fork

The second reason for the strong price increase of Shiba Inu (SHIB) is the completion of the Layer-2 (L2) Shibarium hard fork. This update, which was rolled out on May 2, has sparked optimism among SHIB investors.

The upgrade promised not only improved scalability, but also a better user experience and further preparations to make the platform suitable for a billion users.

3. A partnership with MoonPay

A third reason for the recent Shiba Inu price increase is its partnership with crypto payment platform MoonPay. Thanks to this partnership, users can now purchase SHIB via PayPal, which is integrated into the system.

This integration makes it possible for millions of users to access the Shiba Inu ecosystem via the well-known American payment platform.

While this option is currently only available to US users, there are plans to expand crypto payment options to users outside the US.

4. An altcoin season?

Finally, a possible reason for the Shiba Inu price increase appears to be the onset of an altcoin season. This is considered a bullish signal. According to Dutch analyst Michaël van de Poppe, Bitcoin’s dominance may be at its peak, suggesting that the bottom for altcoins may have been reached. He points to an awakening trend in altcoin trading pairs, indicating capital is moving from Bitcoin to smaller coins.

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