As a seasoned crypto investor with over a decade of experience in this rollercoaster ride, I have learned to tread cautiously and maintain a balanced perspective when it comes to investing in digital assets. The potential surge of Shiba Inu (SHIB) has caught my attention, as the technical patterns, reduced selling pressure, and increased token burns seem promising. However, the stalled progress of the Shibarium network is a significant concern that could limit the meme coin’s growth prospects.
TL;DR
- SHIB’s price may soar soon due to technical patterns, reduced selling pressure, and increased token burns.
However, the stalled progress of the Shibarium network may limit the meme coin’s growth prospects.
The Wild Bet
Despite experiencing a decline since March of this year, some analysts predict that the value of Shiba Inu (SHIB) could reach unprecedented highs in the coming days. For instance, user ‘pepa’ posits that the price chart exhibits a distinct triangular pattern which, if broken to the upward direction, could trigger a significant rebound. Remarkably, ‘pepa’ suggests that SHIB might eliminate two zeros from its current price.
Right now, the widely recognized meme coin is priced approximately at $0.00001328 according to CoinGecko’s statistics, which is almost identical to its value a week ago.
A potential surge in SHIB‘s price up to $0.001328 represents an astounding 10,000% rise. For this to materialize, SHIB’s market capitalization must skyrocket close to a staggering $800 billion. At present, only Bitcoin (BTC) has a market cap surpassing that figure, making the prediction appear highly improbable.
However, some on-chain metrics suggest that a SHIB rally could indeed be in the cards. According to CryptoQuant, Shiba Inu exchange outflows have predominantly surpassed inflows in the past seven days, hinting at a shift toward self-custody methods. This could be viewed as a bullish factor since it reduces the immediate selling pressure.
Another element worth mentioning is the SHIB burning mechanism. Data shows that the burn rate has soared by 563% in the last week, resulting in more than 59 million tokens being sent to a null address.
The purpose of this program is to reduce the vast quantity of the meme coin in circulation, making it rarer and potentially increasing its worth over time. Since implementing the initiative, around 410 trillion tokens have been destroyed, with about 583 trillion remaining.
The Bearish Signal
On the contrary, one sign suggesting that SHIB‘s price might continue to trade horizontally or even decline is the halt in the advancement of Shibarium.
Last summer, a layer-2 scaling solution made a big entrance into the cryptocurrency world, handling millions of transactions within a day. However, recently, the daily transactions on this network have dropped below 5,000. Stay tuned for further developments in the ecosystem by visiting our Shibarium news updates.
Some industry experts think that the protocol’s progress may positively impact the price of Shiba Inu (SHIB), so a lack of movement in the protocol could potentially lower SHIB’s value instead.
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2024-09-18 10:16