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Shiba Inu Coin Shows Signs of Potential Bull Run
According to CryptoPotato, key indicators such as increased social engagement and significant withdrawals of Shiba Inu (SHIB) from exchanges suggest a possible bull run for the meme coin. The aggressive token burning of SHIB and the progress of its Shibarium layer-2 blockchain solution could also contribute to a positive market performance.
Despite the cryptocurrency market's ongoing recovery from the recent correction, Shiba Inu's price has only increased by 1% in the past 24 hours. However, several important metrics suggest that the meme coin might be preparing for another significant rally, similar to the one seen at the beginning of March.
The social intelligence company LunarCrush identified four factors that could drive such a movement. The first is the increasing social activity surrounding Shiba Inu, which is among the most trending cryptocurrencies due to the large number of SHIB investors and the hype around the asset. It has the strongest community in the meme coin realm, followed by Dogecoin (DOGE) and Pepe Coin (PEPE). Rising price action and accelerating market volume were also noted.
LunarCrush also highlighted that SHIB has a strong 'LunarCrush AltRank' of 2, a significant improvement from the previous figure of 98. This key metric includes various indicators such as market volume rank, social volume rank, percent change vs BTC, and social score rank.
Another factor not explored by LunarCrush is SHIB's exchange netflow. Data from CryptoQuant shows a significant outflow of SHIB from exchanges in the past week. This shift from centralized platforms to self-custody methods could be seen as bullish as it reduces immediate selling pressure.
Other factors to consider include the resurgence of Shiba Inu's burning program and the further development of its layer-2 scaling solution, Shibarium. Last month, the team behind the asset removed over 15.5 billion tokens from circulation, a 2,300% increase compared to February. Additionally, Shibarium reached another milestone on April 3 when the total number of blocks on the network exceeded 4 million. This feature aims to elevate SHIB above its rivals in the meme coin realm by reducing fees and improving speed.
Despite the cryptocurrency market's ongoing recovery from the recent correction, Shiba Inu's price has only increased by 1% in the past 24 hours. However, several important metrics suggest that the meme coin might be preparing for another significant rally, similar to the one seen at the beginning of March.
The social intelligence company LunarCrush identified four factors that could drive such a movement. The first is the increasing social activity surrounding Shiba Inu, which is among the most trending cryptocurrencies due to the large number of SHIB investors and the hype around the asset. It has the strongest community in the meme coin realm, followed by Dogecoin (DOGE) and Pepe Coin (PEPE). Rising price action and accelerating market volume were also noted.
LunarCrush also highlighted that SHIB has a strong 'LunarCrush AltRank' of 2, a significant improvement from the previous figure of 98. This key metric includes various indicators such as market volume rank, social volume rank, percent change vs BTC, and social score rank.
Another factor not explored by LunarCrush is SHIB's exchange netflow. Data from CryptoQuant shows a significant outflow of SHIB from exchanges in the past week. This shift from centralized platforms to self-custody methods could be seen as bullish as it reduces immediate selling pressure.
Other factors to consider include the resurgence of Shiba Inu's burning program and the further development of its layer-2 scaling solution, Shibarium. Last month, the team behind the asset removed over 15.5 billion tokens from circulation, a 2,300% increase compared to February. Additionally, Shibarium reached another milestone on April 3 when the total number of blocks on the network exceeded 4 million. This feature aims to elevate SHIB above its rivals in the meme coin realm by reducing fees and improving speed.
Disclaimer: Includes third-party opinions. No advice. Binance AI may be used without guarantee. See T&Cs.