Shiba Inu shows bullish signals with a potential 189% surge, supported by strong technical analysis.
Ecosystem development and token burns strengthen Shiba Inu’s position for broader adoption.
Shiba Inu, one of the most popular meme coins, has received increased attention in the cryptocurrency market, with analysts observing bullish signals. Based on a recent analysis by well-known crypto analyst Alan Santana on TradingView, Shiba Inu has shown encouraging moves that might set the ground for big increases.
Although its behavior has differed from that of other altcoins and meme coins, it might now be getting ready for a big breakthrough.
Shiba Inu Bullish Trend and Ecosystem Growth
According to Santana’s technical analysis, Shiba Inu’s daily chart shows an oval trend with regularly higher highs. For more than a month, the price has stayed sustained close to the $0.000024 level, indicating an accumulation period maybe preceding a more significant rising wave.
Meanwhile, SHIB is swapped hands at about $0.00002755 at the time of writing, following a 7-day 11.20% correction. Santana expects that its next objective will be $0.0000702, which stands for a possible 189.60% surge.
Long-term expansion of the token depends much on changes in the Shiba Inu ecosystem. Key Shiba Inu community member Shytoshi Kusama recently underlined, as reported by CNF, that the success of the project depends more on its ecology and alliances than on token burning alone.
The blockchain layer-2 network created for Shiba Inus, Shibarium, has grown to an essential component of this approach. By means of gas fees, it has contributed to the burn of almost 56 billion SHIB tokens, therefore helping to control supply. Its dedicated burn portal has also permanently taken over 600 million SHIB from circulation.
