TL;DR
- The upcoming launch of TREAT and reduced Shiba Inu holdings on exchanges signal ecosystem growth and lowered selling pressure, potentially driving a price rally.
- Over 44.6 billion SHIB were burned in 2024, highlighting consistent efforts to reduce supply and enhance value.
New Bull Run on the Horizon?
Last year saw impressive growth for Shiba Inu (SHIB), with its value surging more than 100%, even amid significant ups and downs. To kick off this year, it has already risen by 12% over the last week.
Based on several key elements, the price could be rising significantly higher. One of these factors is the imminent launch of TREAT, a reward token designed to motivate users to interact with Shiba Inu’s protocols such as the layer-2 scaling solution Shibarium. This token will officially debut on January 14.
This progress underscores the expansion of SHIB’s ecosystem over the past few years. It may stimulate investor trust, potentially attracting more individuals to join the trend, which could in turn cause a surge in the price of the second-largest meme token.
The upcoming positive indicator is the decrease in Shiba Inu held on exchanges. Data from CryptoQuant indicates that this amount has fallen to levels not seen since the spring of 2021. This trend might indicate a move towards personal wallets, reducing immediate selling pressure because less Shiba Inu is readily available for quick sales.
To conclude, let’s discuss the “InTheMoney” indicator, which quantifies the increase in SHIB investors realizing paper profits. As per IntoTheBlock, it experienced a 1.10% growth over the past day, moving into optimistic territory.
At the present time, roughly 57% of Shiba Inu investors are enjoying profits, while about 36% are still in a loss position. This is a significant shift compared to the statistics observed in September 2023, during which nearly 90% of the individuals who invested in what was referred to as the ‘Dogecoin-killer’ were struggling with unrealized losses.
Bonus: The Burning Mechanism
An additional factor that might lead to a possible SHIB surge is its burn program. For those who are not familiar with this concept, the team behind the meme coin introduced this mechanism in 2022 with the objective of decreasing the vast token supply and increasing the price due to scarcity by destroying tokens from circulation.
In the last seven days, the burn rate has risen significantly by approximately 35%, leading to an estimated 83.4 million SHIB being transferred to an empty wallet. Although the dollar value of this deposit is negligible, ongoing efforts in the field could potentially boost the bullish sentiment.
According to CryptoPotato’s report, approximately 44.6 billion SHIB tokens, valued at about $1 million, were transferred to an empty wallet in the year 2024.
Read More
- SUI PREDICTION. SUI cryptocurrency
- „People who loved Dishonored and Prey are going to feel very at home.” Arkane veteran sparks appetite for new, untitled RPG
- LDO PREDICTION. LDO cryptocurrency
- Destiny 2: A Closer Look at the Proposed In-Game Mailbox System
- Clash Royale Deck Discussion: Strategies and Sentiments from the Community
- Jennifer Love Hewitt Made a Christmas Movie to Help Process Her Grief
- ICP PREDICTION. ICP cryptocurrency
- Naughty Dog’s Intergalactic Was Inspired By Akira And Cowboy Bebop
- Critics Share Concerns Over Suicide Squad’s DLC Choices: Joker, Lawless, and Mrs. Freeze
- EUR IDR PREDICTION
2025-01-07 19:06