According to CryptoPotato, the price of the Shiba Inu has increased 250% in a month, attracting interest and search activity worldwide. Analysts predict further price increases, while developments such as the Shibarium blockchain solution and a significant increase in token burn rates could contribute to the potential upside. The second largest meme coin, the Shiba Inu, has made serious waves over the past few weeks, with prices increasing 250% on a monthly scale. The massive resurgence has attracted the attention of the cryptocurrency community and investors.
According to Google Trends, the Shiba Inu's popularity on the largest search engine has skyrocketed to unprecedented levels since December 2021. The top countries interested in this property are Singapore, United States, Netherlands, Canada, Belgium, etc. The data shows that the most popular SHIB-related phrases entered on Google include "Shiba Inu coin price", "Shiba Inu price prediction" and "Shiba Inu coin news". Although it has slowed down over the past few days, the token could gain momentum for an additional price increase in the near future.
Analysts Ali and JAKE agree on the possibility of further price increases. Ali recently claimed that SHIB has formed a “symmetrical triangle on the 4-hour chart,” which, combined with a “sustained close above the $0.000038 resistance, could trigger a 40% bullish breakout.” . JAKE is even more optimistic, predicting that the self-proclaimed Dogecoin killer will become the biggest meme coin by 2025. Currently, DOGE is number one with a market capitalization of $24 billion, while its rival ranked second with 19 billion USD. Another important consideration is the further development of the Shibarium layer 2 blockchain solution and the successful implementation of the burning program. As CryptoPotato reported last week, the total number of transactions on the network surpassed the 400 million mark, while the burn rate exploded at 30,000%.