The analysis by Santiment makes it abundantly clear that cryptocurrency investors are of the opinion that Shiba Inu (SHIB) has the potential to be among the tokens that perform the best during the subsequent bull run. It is not implausible that this is the explanation, given that the team and the community continue to demonstrate their dedication to the expansion of the meme coin. This is demonstrated by the fact that the utility of Shibarium has greatly risen, which may have an impact on $SHIB .
The increase in the number of SHIB burns is yet another significant achievement that can be attributed to the team and the community. It was recently revealed by Bitcoinist that the SHIB burn rate has increased by a staggering 420%. Almost all of these tokens that were burned were obtained from the transaction fees that were paid on the Shibarium network. In its commitment, the Shiba Inu team had stated that they would convert part of these funds into SHIB and then burn them.
The pace at which SHIB is burned will continue to increase, taking into consideration the fact that the usefulness of Shibarium will almost certainly reach new heights when the bull market returns. In light of the fact that the meme coin's quantity of circulating units continues to decrease, one may anticipate that its value will increase. As a result, there is no question that SHIB ought to be one alternative cryptocurrency that a lot of people ought to keep an eye on.
Price Forecast: Where Will SHIB Remain in the Future?
Shiba Inu (SHIB) continues to exhibit a positive trend, and it is becoming increasingly possible that the cryptocurrency will make a sustained break to the north of the summer 2023 highs in the $0.0000114 region.
That would make it possible for a rally to take place in the direction of the long-term support-turned-resistance zone that is located around $0.000017-18.
In the event that SHIB goes below its 21-day moving average, which was most recently at $0.0000098, a downward move back to the 200-day moving average, which is located in the $0.000008 region, would be a possibility.
