thecryptobasic.com
Shiba Inu’s price has gained 25% since Paypal Inc. confirmed an operational partnership that would allow US customers to purchase SHIB tokens through Moonpay.
Paypal Integration has triggered a 25% SHIB Price Surge.
On May 2, MoonPay announced a crucial collaboration with US payments giant PayPal. The partnership’s core premise is to facilitate smooth on/off ramping from fiat currency to crypto assets like Shiba Inu across the USA.
With U.S. users now expected to purchase cryptocurrencies like Shiba Inu more easily, investors have reacted positively to this news.
The chart above shows that SHIB’s price has now increased 25% since the PayPal partnership was confirmed on May 2, 2024.
Evidently, the price action suggests that the PayPal integration may have triggered increased demand for SHIB over the past week. More so, recent on-chain trends reveal that SHIB holders are anticipating that the uptrend could persist for a much longer period.
Santiment’s supply on exchanges data tracks real-time changes in the number of a specific token currently deposited across trading platforms.
At the close of May 2, Shiba Inu investors held a total of 75.36 trillion SHIB tokens in exchange-hosted wallets. However, according to the latest data, as of May 7, the supply on exchanges had rapidly dropped to 75.04 trillion SHIB.
This implies that since May 2, Shiba Inu investors have shifted 32 billion SHIB worth around $800,000 into long-term storage, likely in anticipation that the PayPal partnership will deliver future price gains.
While the $800,000 is only a fraction of Shiba Inu’s daily average trading volumes, it represents a symbolic shift towards a long-term bullish sentiment among current holders.
SHIB Price Forecast: $0.000030 Target in Focus
Shiba Inu is exchanging hands for $0.000024 a piece at the time of writing on May 7. However, a 32 billion SHIB exchange supply decline during the 25% price surge in May signals that fewer holders are looking to book early profits.
During the next demand surge, dwindling sell-side pressure puts SHIB in a position for a parabolic breakout above the $0.000030 territory.
However, the upper Bollinger band technical indicator shows that SHIB bulls face a looming sell-wall at the $0.000027 level. If that resistance caves, Shiba Inu’s price could reclaim the $0.0000030 milestone for the first time in over 60 days.