As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous bull runs and bear markets. The current forecast for Shiba Inu (SHIB) is undeniably promising, especially considering its recent breakthroughs in resistance levels and the rapid development of Shibarium.
TL;DR
- Analysts predict a strong rally for Shiba Inu (SHIB), supported by recent breakthroughs in resistance levels.
- Shibarium’s rapid development could also be viewed as a bullish element.
The Calm Before the Storm?
In mid-November, Shiba Inu (SHIB) garnered attention as its price reached a seven-month peak and its market capitalization surpassed $17 billion. Although it has since cooled off somewhat, this popular meme coin is still showing gains on a monthly basis and continues to be the topic of positive predictions.
As a researcher, I’ve observed an impressive surge in Dogecoin (DOGE) over the past month, with its price skyrocketing by an astounding 215%. This performance has led me to speculate that its main competitor may follow suit in the near future.
Recently, Ali Martinez proposed an optimistic outlook on SHIB’s price. He suggested that if SHIB manages to break through the $0.000025 barrier, its value could increase significantly by double digits. A short while later, the meme coin did indeed surpass this level and is now comfortably situated well above it.
Martinez asserted that about 1.7 trillion SHIB tokens were taken off exchanges within a day at one instance last week. He noted that the last time such a significant withdrawal occurred, the value of Shiba Inu increased by 62%.
As per CryptoQuant’s analysis, the amount of Shiba Inu tokens held at exchanges has seen a substantial decrease over the past few months. The data indicates that this number has reached its lowest point in the last three years.
Moving towards personal custody solutions, rather than relying on centralized platforms, could indicate a positive outlook because it tends to decrease immediate selling pressure.
Shibarium’s Progress
One indication pointing towards a possible Shiba Inu price surge in the coming days could be the progress made on its layer-2 scaling solution, Shibarium.
More recently, it broke through another significant achievement, passing the 8 million mark in processed blocks. Earlier on, the total number of transactions reached over 400 million.
Shibarium, in essence, has been crafted to nurture the growth of the Shiba Inu ecosystem. It does this by minimizing transaction costs, boosting speed, and enhancing capacity for many transactions at once. Over the course of more than a year, it’s undergone significant advancements. One notable development is the implementation of a burning mechanism. This process aims to decrease the massive number of SHIB tokens in circulation, which could potentially increase its value.
For more updates on the ecosystem, make sure to check out our Shibarium news.
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2024-11-25 20:28