As an analyst with over two decades of experience in the financial markets, I must admit that the cryptocurrency world never fails to surprise me. Recently, Shiba Inu (SHIB) has caught my attention once again due to its impressive 4% pump and the predictions of a potential 130% rally by some analysts like Yoddha.
TL;DR
- Despite a downturn at the beginning of October, SHIB recently pumped by 4%, with some analysts predicting a potential 130% rally if key patterns are confirmed.
Shibarium hit 7 million in processed blocks, but it has slowed its progress lately.
SHIB Eyes Another Price Explosion?
At the tail end of September, news outlets were buzzing about the second-largest meme coin due to a significant price surge it experienced. It’s worth mentioning that SHIB reached its highest point in three months, and for a brief moment, its market capitalization surpassed $12.5 billion.
Instead of what was generally anticipated – a continued upward trend – October, often called “Uptober” within the community, turned out to be a challenging period for bullish investors. Shiba Inu was just one of the numerous cryptocurrencies that saw declines, wiping out most of the gains accumulated the previous month.
Over the last 24 hours, the increased volatility persisted, causing the token to surge by 4%. This rise occurred during a resurgence of the entire meme coin sector. One individual who thinks a bull run may be about to begin is the well-known X user Yoddha.
The analyst believes that Shib’s price chart appears as a particular triangle structure. If this structure breaks upward, it might lead to a significant surge of around 130%.
Some key factors bolster the validity of that argument. For example, the daily burn rate of Shiba Inu has skyrocketed by an impressive 550%, which equates to approximately 5.1 million tokens being sent to a zero address. This action is aimed at diminishing the massive supply of SHIB in circulation, making it increasingly rare and potentially more valuable over time, given that demand remains constant or grows.
The indicator known as Large Transactions, which tracks transactions above $100,000, has surged by 8% over the past day, indicating an uptick in whale activity. This could imply a boost of confidence and potentially attract further investors and capital into the system.
How’s Shibarium Doing?
A significant factor that might boost SHIB‘s potential price rise is the continued advancement of Shibarium, its layer-2 scaling solution.
Recently, the processed blocks by the protocol surpassed the 7 million mark, and the total number of transactions is nearing 420 million. Yet, the progress of Shibarium appears to have slowed down, suggesting reduced network activity.
For more updates on the ecosystem, make sure to check out our Shibarium news.
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2024-10-07 22:20