TL;DR
- Shiba Inu (SHIB) has recently dropped in value but is predicted to rebound strongly due to favorable technical signals and recent breakout patterns.
Positive signs for the meme coin include a decrease in exchange netflows, advances in its Shibarium layer-2 solution, and a significant increase in its burn rate.
Where is SHIB Headed?
On April 12, the cryptocurrency market underwent a significant downturn, causing the prices of various digital currencies to reach their lowest points in several weeks. Shiba Inu (SHIB) is just one example, suffering a 6% decline over the past week and a 20% decrease over the last month.
Despite the current downturn, many analysts are optimistic that a significant upturn lies ahead.
The X user with almost half a million followers – Rekt Capital – recently noted that SHIB’s price has reached the same level as the one from early 2022. The trader assumed that the meme coin’s value could skyrocket by triple digits should it cross the ongoing resistance level. The crypto content creator Jake Gagain was bullish, too, claiming that “fading” Shiba Inu “is a major mistake.”
An X user going by the name CRYPTO SHERIFF contributed earlier this week, expressing his belief that a “breakout” for SHIB has occurred. This analyst anticipates a potential price surge of approximately 350% in the coming days.
Which Factors are Worth Considering?
Several key factors indicate that the second-largest meme coin by market capitalization could experience a significant price surge in the short term. One crucial factor is SHIB’s exchange netflow, which has been negative in the past week according to CryptoQuant’s data. This shift from centralized platforms to self-custody methods is seen as a bullish sign, as it reduces immediate selling pressure.
The progress of the layer-2 scaling solution Shibarium and Shiba Inu’s burn rate are also worth noting. The number of total blocks on the network recently exceeded the 4 million mark, and there has also been a significant resurgence in terms of daily transactions.
For those who want to explore more about Shibarium, I recommend checking out our detailed video where we explain its primary functions and distinctive features.
For its part, the burn rate exploded by almost 50,000% earlier this week, resulting in millions of SHIB tokens being removed from circulation. The mechanism’s ultimate goal is to reduce the circulating supply of the asset, making it scarcer and potentially more valuable in the future.
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2024-04-13 12:28