Shiba Inu (SHIB) had surged slightly by around 0.5% at the time of writing to trade at $0.0000133. The price upsurge comes amid uncertainty across the broader cryptocurrency market. However, bullish signals could be lining up for SHIB, propelling prices higher.
According to one analyst on X, SHIB broke upwards from a falling wedge channel on the daily chart. This channel usually indicates a bullish formation and precedes a massive price gain.
If the bullish breakout is confirmed, the analyst noted that the SHIB price will test the immediate resistance at $0.0000161. If a surge in buying activity accompanies the breakout, the price is also set for a 156% rally, which could see SHIB target $0.0000342.
(Source: X)
One of the key factors driving this parabolic rally is the surge in the Shiba Inu burn rate, as seen on Shibburn. As more SHIB tokens are taken out of supply and demand increases, the SHIB price is set to gain.
In the last 24 hours, the SHIB burn rate has soared by more than 14,000%. Such an increase usually stems from the growing usage of the Shibarium network.
(Source: Shibburn)
The surge in burn rate also comes as the Shiba Inu community hints at upcoming network developments that could help drive usage and remove more SHIB tokens from the circulating supply.
Shiba Inu’s Blueprint to Foster Utility
Shiba Inu’s marketing lead, Lucie, has outlined a blueprint for the SHIB ecosystem and five key principles that will help drive growth, with the first one being the community. The SHIB community comprises 1.4 million token holders, which indicates high interest in the meme coin.
The project is securing strategic partnerships with major players in the blockchain industry and beyond. It has also announced plans to improve governance to ensure that the SHIB ecosystem does not only include developers and creators but also a vibrant community.
In terms of improving utility, Lucie noted that the Shibarium network, which powers the entire ecosystem, offered the community a self-sustaining economy through fast and low transaction costs. On Shibarium, the community can access the tools needed for a vibrant decentralized economy.
The Shiba Inu marketing lead has also hinted at an upcoming major development on the network known as “TREAT.”
“TREAT will unlock Shib’s metaverse, granting access to a world that’s yet to fully unfold. Its influence could extend beyond transactions, fuelling innovation within Shib’s DAO and igniting collaborations that might redefine the future,” Lucie stated.
