Shiba Inu News: Why Is SHIB Price Up Today?

Well-known memecoin Shiba Inu ($SHIB) is seeing a sharp spike in its price, rising 5.19% to $0.00000567 in 24 hours and nearly 28% this week. The rally comes as Japan’s FSA opens a new market for $SHIB, along with other key factors pushing the token price up.

Here’s the key reason why the Shib price is up today and where it’s heading next.

$SHIB Joins Bitcoin and $XRP in Japan’s Select Crypto List

One of the biggest reasons behind the recent jump in Shiba Inu token price is due to $SHIB’s growing presence in Japan.

Nomura-backed Laser Digital Japan has included $SHIB among only six cryptocurrencies supported on its platform after receiving approval from Japan’s Financial Services Agency. The other assets include Bitcoin, Ethereum, $XRP, Bitcoin Cash and Litecoin

This matters because Laser Digital is focused on institutional clients and plans to provide wholesale liquidity services to Japanese crypto platforms. That gives $SHIB a different type of market exposure beyond its usual meme-coin trading base.

$SHIB Burns Rate Spike, While Exchange Inflow Drops

Another factor supporting the price is the recent rise in $SHIB burns. Shibburn data showed that the burn rate jumped over 441% in 24 hours, with around 41.8 million $SHIB sent to dead wallets and permanently removed from circulation.

Perhaps burns alone didn’t create a major supply shock because hundreds of trillions of $SHIB remain in circulation.

At the same time, reports a sharp drop in $SHIB exchange netflow to 212.3 billion tokens, down from more than 1 trillion. This suggests large holders are moving billions of $SHIB away from exchanges and into private wallets.

Shib Price Outlook

The latest rally is also supported by Bitcoin’s recovery, with the broader crypto market moving higher. As of now, $SHIB is trading around $0.0000055, with a market cap of $3.30 billion.

Technically, $SHIB is showing signs of a possible double-bottom pattern. The $0.00000560 zone is now key support as if buyers defend this range, $SHIB could gain further strength.

Meanwhile, a clean break above $0.0000060 could open the path toward $0.0000068.