Saturday, November 11, 2023, the Shiba Inu cryptocurrency (SHIB) recorded a significant increase of over 10%, marking a high close to $0.00000965. This notable jump occurs in a context of general market recovery, driven by encouraging news related to the upcoming approval of a Bitcoin investment fund (Bitcoin ETF).
The rise of Shiba Inu, which began to gain prominence on the day, peaked at nearly $0.0000096 before starting to correct gains. At press time, the cryptocurrency was trading close to $0.00000930, representing an impressive 13% rise in just one day.
Shiba Inu, known for its highly engaged online community and for being one of the most popular “meme coins” on the market, has shown remarkable resilience. This recent price boost comes on the heels of a cryptocurrency market that has gradually recovered after a period of volatility and uncertainty.
Analysts point out that the recent market recovery may be closely linked to expectations surrounding the approval of a Bitcoin ETF in the United States. The approval of a Bitcoin ETF is seen by many as a significant step towards legitimizing cryptocurrencies as a traditional asset class, offering investors a safer and more regulated way to invest in Bitcoin.
While the cryptocurrency market as a whole shows signs of recovery, Shiba Inu emerges as one of the big highlights. Shiba Inu’s rally and the cryptocurrency market’s recovery continue to attract the attention of investors and enthusiasts, signaling a possible turning point for the sector as a whole.
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