What does Shiba Inu’s price surge today have to do with PayPal?

In this post:

  • Shiba Inu (SHIB) price has surged 20% within the daily timeframe on Friday, May 3, as the crypto market reacted to a landmark PayPal integration.
  • In addition, the Shiba Inu crypto’s burn rate surged 1000% today, further fueling SHIB’s price rally.
  • Coinglass data showed SHIB liquidations totaling $90.39K, indicating a notable decrease in selling pressure compared to the last available data.

Shiba Inu (SHIB) tokens are now available for purchase by PayPal users in the United States as a result of a recent partnership with the industry’s preeminent crypto payment processor, MoonPay.

MoonPay announced its important partnership with PayPal on Thursday. The fundamental objective of the collaboration is to facilitate seamless migrations from fiat currency to crypto assets, such as Shiba Inu.

Shiba Inu’s price rally – Everything you need to know

Shiba Inu is up today. According to CoinMarketCap, Shiba Inu trades at $0.00002553, a 12.1% surge in the last 24 hours. Thanks to this collaboration, PayPal users in the U.S. now have a convenient way to buy cryptocurrencies such as Shiba Inu using the crypto payment processor MoonPay.

In addition, the official report emphasized that the integration streamlines the process of acquiring crypto coins for MoonPay customers who have a PayPal account for online transactions. When choosing PayPal, users have the option to fund their crypto purchases with their PayPal balance, debit cards, or direct bank transfers.

It’s worth noting that existing PayPal users don’t have to manually enter any of these details when making crypto purchase transactions.

Interestingly, this development follows the increasing excitement among the Shiba Inu Army regarding PayPal’s acceptance of SHIB payment.

What other crypto coins can you buy through PayPal?

In addition, MoonPay highlighted that users in the United States can take advantage of this new integration to access more than 110 supported crypto coins. MoonPay supports several crypto assets, including SHIB, Bitcoin, Ethereum, Cardano, and Solana. These assets can be conveniently purchased using your PayPal balance.

Unfortunately, certain assets that the payment processor initially supports cannot be purchased through PayPal, as they are not accessible to users in the U.S. Some of the cryptocurrencies I’m interested in are PEPE, BNB, Cosmos (ATOM), AAVE, UNI, and TON, among others.

It is important to mention that crypto purchases through PayPal are currently accessible to MoonPay users in the U.S. However, the report highlights that this solution is anticipated to be implemented across MoonPay’s partner networks by the end of the year.

In addition, MoonPay has announced that in the coming months, users in the United States will be able to sell cryptocurrencies through PayPal. The payment processor also announced plans to expand this service to users in the U.K. and the EU.

Interestingly, the DEX Marswap, built on the Shibarium platform, has recently introduced a new feature that allows investors to conveniently purchase and trade the BONE token from the Shiba Inu ecosystem using PayPal.

SHIB also charges on the back of the token burn

In spite of recent substantial selloffs, the price of SHIB has displayed impressive resilience, going against market expectations and continuing its upward trend above the crucial resistance level of $0.00002315 at the current moment.

According to data from the tracker Shibburn, there has been a remarkable 1009% increase in Shiba Inu’s burn rate in the last 24 hours, resulting in the destruction of 29.11 million SHIB tokens. This substantial rise in the token’s burn rate, a mechanism aimed at improving SHIB’s tokenomics, has further reduced the crypto’s market supply.

The SHIB burn rate experienced a significant surge of 1009%, causing the price trajectory to maintain its upward momentum, rising in sync with the broader market trends. Today, SHIB once again reached the significant level of $0.000025, which holds psychological importance for the token, as the burn rate continues to rise. Investors are showing a great deal of interest in Shiba Inu, as they eagerly speculate on the coin’s potential price movements in the future.

It’s worth noting that despite the significant number of coins sold by wallets in the past day, Shiba Inu has shown impressive resilience by maintaining its upward movement.

Coinglass data showed SHIB liquidations totaling $90.39K, indicating a notable decrease in selling pressure compared to previous data. In addition, the open interest surged by 13.73%, reaching a total of $64.76 million, indicating a growing interest from investors in the dog-themed meme token.

Meanwhile, the Shiba Inu crypto community has decided against a hard fork upgrade for Shibarium, which has further fueled optimism for its cryptographic journey. The data mentioned above provides a glimmer of hope for the future of SHIB, as crypto market enthusiasts remain interested in the token.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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