When Bitcoin's value dropped below $57,000, other cryptocurrencies followed suit in a downward trend. This decline raised concerns for SHIB supporters about a potential recovery. However, the situation has changed recently. The world's second most popular meme coin, Shiba Inu, has surprised many with its recent positive performance.

As reported by The Crypto Basic, the value of Shiba Inu has significantly increased today, with a peak reaching $0.00002501 and a growth rate of 9.4% from its recent low of $0.00002266.

This recovery has allowed Shiba Inu to regain all the losses incurred during the week and show a positive performance over seven days.

Factors driving SHIB crypto price surge

Bitcoin Whales: Significant Investment

On May 1st, following the market crash, Bitcoin whales invested $2.8 billion, purchasing Bitcoin at an average price of $59,000. This accumulation activity raised Bitcoin's price to $63,566, positively impacting the overall market, especially altcoins like Shiba Inu.

Shibarium Blockchain Hard Fork

The Shiba Inu development team's announcement about the successful completion of the hard fork for the Shibarium blockchain also contributed to SHIB's price gains. This update offers the community fast transactions and predictable gas fees.

Binance Japan Listing: Price Boost

The listing of the SHIB/JPY pair on Binance Japan significantly contributed to the rapid increase in Shiba Inu's price. This listing allows Japanese cryptocurrency enthusiasts to trade SHIB using their local currency.

New Margin Trading Pairs on Kraken

This week, Kraken introduced new margin trading pairs for SHIB crypto on its platform, strengthening Shiba Inu's market position.

Purchase SHIB through PayPal

A partnership between cryptocurrency payment processor MoonPay and PayPal enabled American residents to buy Shiba Inu through PayPal this week. This new market access boosted SHIB demand and contributed to its recent price gains.