As a seasoned crypto investor with a deep understanding of the market, I’ve seen my fair share of trends come and go. However, the recent accumulation of Shiba Inu (SHIB) by influential social media users and traders has piqued my interest. Their conviction in the meme coin’s strong market potential and technical patterns predicting significant price increases is compelling.
TL;DR
- Influential social media users and traders are accumulating Shiba Inu, citing strong market potential and technical patterns that predict significant price increases.
Key factors that could trigger a SHIB price rally include an increased token burn rate, advancements in its Shibarium layer-2 solution, and a decrease in token supply on exchanges.
‘I Know the Future’
Although SHIB has experienced significant price growth each year, some analysts, including Del Crxpto with nearly 100,000 followers, remain optimistic that it presents a worthwhile investment opportunity.
The analyst acknowledged amassing significant holdings of the meme coin, implying he has insider knowledge about its future value. However, he was hesitant to disclose more information to avoid damaging his professional ties with SHIB.
I know the future, I know what’s coming for $SHIB …
I will not share this information, as I do not want to tarnish my $SHIB relationships.
However, I will tell you this:
I am accumulating $SHIB.
— Del Crxpto (@DelCrxpto) May 5, 2024
Many X users highly commended his choice, labeling the token as the most popular meme coin and boasting significant potential for a price surge. Conversely, some held the belief that SHIB may not have substantial growth opportunities, advocating instead for other comparable assets.
As an analyst, I’ve noticed that Ali Martinez is another trader who has recently purchased Shiba Inu. He believes that the asset’s price movement on the daily chart resembles a “bull flag” formation, which is typically seen as a bullish sign and could potentially lead to a significant rally of up to 300%.
Rekt Capital and content creator Jake Gain made optimistic forecasts as well. Rekt Capital anticipated a significant price surge exceeding 100 digits, while Jake Gain expressed his belief that ignoring the declining trend of Shiba Inu could be a costly mistake.
What Can Trigger a SHIB Bull Run?
One significant aspect contributing to a potential comeback in Shiba Inu’s price is the increasing burn rate of SHIB tokens. This metric has gained momentum recently, eliminating millions of coins from circulation.
As a researcher studying the intricacies of Shibarium, the layer-2 scaling solution for the meme coin Shiba Inu, I’ve observed that it has undergone two significant updates recently.
The decreasing availability of SHIB tokens on crypto exchanges could indicate an upcoming price surge. As reported by CryptoQuant, Shiba Inu’s exchange outflow has been largely negative over the past week. This trend is viewed as bullish because it suggests a move towards self-custody methods, thereby reducing the immediate selling pressure.
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2024-05-07 20:16