According to CryptoPotato, Shiba Inu (SHIB) has seen a 5% daily price increase, with analysts predicting a significant upcoming rally due to positive chart patterns. This potential uptick is backed by a substantial resurgence in SHIB’s burning program and ongoing improvements to Shibarium.

On May 2, the cryptocurrency market showed signs of recovery after substantial losses the previous day. Among the top performers was Shiba Inu, which registered a 5% price increase on a 24-hour scale. Analyst Ali Martinez is optimistic about the meme coin's future, believing that SHIB’s price trajectory might be forming a bull flag on the daily chart. Martinez has placed buy orders at current rates, expecting a 300% surge to approximately $0.000072323 in the near future. Other analysts, including Rekt Capital and crypto content creator Jake Gagain, also foresee a bright future for the meme coin.

Two key factors that could fuel a SHIB rally in the short term are the asset’s burning program and the development of Shibarium. The burn rate spiked by 90% on May 1, with nearly 1.7 billion tokens destroyed throughout April. The goal of this mechanism is to decrease the large circulating supply of Shiba Inu, potentially making it scarcer and more valuable over time. Shibarium, the asset’s layer-2 scaling solution, underwent a major upgrade last week and is set for another one this week. These advancements aim to improve user experience, implement quicker block processing times, and empower the community of developers and innovators. Shibarium's primary roles include reducing transaction fees and enhancing the utility, scalability, and efficiency of the Shiba Inu ecosystem.