The second-largest meme coin experienced a substantial revival at the start of December. However, in the past several days, it witnessed enhanced volatility, with its price plunging by over 10% on a weekly scale.
Despite the turbulence, numerous analysts remain optimistic that a new rally could be on the horizon. X user JAVON MARKS, for instance, maintained that $SHIB
has confirmed a bullish pattern, which could be a precursor for “another major upside move.” The trader reiterated their forecast that the price could spike by almost 180% and reach $0.000081.
Other market observers predicting good days ahead for the meme coin include Zach Humphries and The Crypto Bull. The former believes that SHIB could chart substantial gains once “Ethereum breaks loose.” The Crypto Bull assumed that Shiba Inu’s chart “looks primed for launch very soon.”
The resurgence of the asset’s burning mechanism supports the thesis of a price pump. The burn rate has spiked by almost 300% in the past 24 hours, resulting in 11.8 million tokens sent to a null address. The USD equivalent of the stash might be insignificant, but continuous efforts in that field will make SHIB more scarce and potentially more valuable in time (should demand keep its level or rise).