One of the top-performing cryptocurrencies today is little-known Shibnobi (CCC:SHINJA-USD). Today, a couple pieces of Shibnobi crypto news have propelled this token more than 50% higher at its peak, and more than 30% higher at the time of writing. As a meme token, more news flow is usually a good thing. Additionally, the return of risk-on sentiment in the crypto world has investors once again thinking about the potential gains, rather than losses.
We recently reported on the SHINJA token as a big mover last week. Investors searching for something to be excited about have gravitated toward this project. Similar to other Shiba Inu-inspired meme tokens, Shibnobi has traded in a very volatile fashion. However, today’s rise has helped this token mint fresh new 1-month highs.
Let’s dive into the two key catalysts investors are watching with this token today.
What’s the News Behind the Surge in Shibnobi Crypto Today?
Two distinct catalysts appear to be driving the SHINJA crypto higher today. Perhaps the key catalyst behind this meme token’s rise today is a new exchange listing. ProBit Global announced yesterday it would be listing the SHINJA token for trading. This was followed up with a tweet last night announcing that the SHINJA-USDT pair would be open for trading.
Listing announcements tend to boost the price of tokens in the near term. This is a result of both increased liquidity as well as increased attention on a given token. It’s also generally perceived to be a validation of a crypto’s underlying value. Accordingly, for Shibnobi, that’s a big deal.
We would like to thank everyone in the #shibnobi family! We truly have the best community. ❤️
We will be burning 1 sextillion #SHINJA tokens!????
— Shibnobi (@Shib_nobi) January 26, 2022
Additionally, Shibnobi announced on Twitter that the network would be burning 1 sextillion tokens, alongside a celebratory GIF. Obviously, a surge in investor interest combined with a token burn provides for an intriguing near-term investment thesis. This has further revved up speculative interest in this token through afternoon trading hours.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.