TL;DR
Exploding burn rates and a three-year low in exchange-held supply signal potential for continued growth for SHIB’s price.
Analysts predict a 50% rally or even a 760% surge if key levels are breached.
SHIB Rally on the Horizon?
Despite the severe price swings registered in the past several days, the popular meme coin remains well in the green on a monthly scale. It currently trades at around $0.0000254 (per CoinGecko’s data), representing a 40% increase for the aforementioned period.
SHIB Price, Source: CoinGecko
Some important factors suggest that the bull run is far from being over. The first is the resurgence of the Shiba Inu burning mechanism. Data shows that the burn rate has exploded by almost 5,000% in the last 24 hours, resulting in nearly 60 million tokens destroyed.
The program’s ultimate goal is to reduce the tremendous circulating supply of SHIB, potentially making it more valuable through scarcity (assuming demand doesn’t head south). Over the years, the Shiba Inu team and community have burned more than 410 trillion tokens, leaving approximately 589 trillion in circulation.
Next on the list is the declining SHIB supply stored on exchanges. According to CryptoQuant, the figure recently dropped to a three-year low. The development might indicate a shift from centralized platforms toward self-custody methods and could be considered bullish since it lowers the immediate selling pressure.
Last but not least, we will touch upon Shiba Inu’s layer-2 scaling solution – Shibarium. The protocol has been on a tear lately, blasting through numerous milestones. As CryptoPotato reported, the total transactions processed on the network surpassed 500 million, while total blocks crossed 8 million.
Shibarium aims to foster the development of the Shiba Inu ecosystem by reducing fees, increasing speed, and enhancing scalability. Key updates in the past several months include adopting a burn mechanism similar to the original program.
For more updates on the ecosystem, make sure to check out our Shibarium news.
SHIB Predictions
Some X users believe Shiba Inu has indeed yet to reach new impressive peaks. One analyst envisioned a 50% rally if the price rises above $0.00002800.
“The current setup suggests a bullish continuation, so traders should watch for confirmation of the breakout while placing stop-losses below the support zone to manage risk. SHIB remains a key asset to monitor for short-term growth,” they added.
Another, using the moniker Charting Guy, forecasted a massive price explosion to as high as $0.00022 (a 760% rise from current levels). “Are your bags packed enough for something like this,” he asked.
The post 3 Bullish Signs for the Shiba Inu (SHIB) Price to Watch appeared first on CryptoPotato.
