One of the most popular meme coins, Shiba Inu, is gaining traction in the cryptocurrency market, with analysts observing bullish signals. According to a recent analysis by well-known cryptocurrency analyst Alan Santana on TradingView, Shiba Inu is showing encouraging movement that could set the stage for a significant rally.
Although it behaves differently than other altcoins and memecoins, it may now be poised for a major breakout.
Shiba Inu Bullish Trend and Ecosystem Growth
According to Santana's technical analysis, Shiba Inu's daily chart shows an oval trend with higher highs. The price has been holding near $0.000024 for more than a month, suggesting a potential accumulation period ahead of a more significant upward wave.
Meanwhile, at the time of writing, the trading price of SHIB is approximately $0.00002755, having pulled back 11.20% in the previous 7 days. Santana expects its next target to be $0.0000702, which implies a potential increase of 189.60%.
The long-term expansion of the token largely depends on the changes in the Shiba Inu ecosystem. According to CNF, key member of the Shiba Inu community Shytoshi Kusama recently emphasized that the success of the project relies more on its ecosystem and alliances rather than just token burn.
The layer 2 blockchain network Shibarium created for Shiba Inus has become an important part of this approach. By charging gas fees, it has facilitated the burn of nearly 56 billion SHIB tokens, helping to control supply. Its dedicated burn portal has also permanently removed over 600 million SHIB from circulation.
