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Saturday, April 13, 2024

Shiba Inu Burn Rate Skyrockets 800,000%, Here’s Where the SHIB Price is Headed (Analyst)

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TL;DR

SHIB to Spike Over 40%?

Despite the ongoing market correction, the second-largest memecoin by market capitalization – Shiba Inu (SHIB) – is still approximately 15% up on a monthly basis (per CoinGecko’s data). Some analysts, including the one using the X (Twitter) handle Ali, believe a fresh rally in the near future might be in the cards.

The analyst presented a chart of the social media platform, estimating that SHIB has a chance of a 45% price increase should it maintain “the crucial support level at $0.0000103.”

Another bullish element that could boost Shiba Inu’s price is the successful execution of the asset’s burning program. The memecoin project recently revealed that its burn rate exploded by 780,000% on December 16, resulting in over 8.5 billion tokens sent to an address that nobody could access.

The mechanism aims to reduce the circulating supply of SHIB and potentially make the coin more scarce and valuable in time. So far, over 41% of the total supply has been destroyed.

Shibarium Could Also Play a Role

When speaking of possible factors that could trigger a Shiba Inu price increase, one should mention the further advancement of Shibarium. The layer-2 blockchain solution, which officially saw the light of day in August, has blasted through countless milestones in the past few months.

As CryptoPotato reported, total blocks on the network surpassed 2 million, whereas the number of total transactions exceeded the 135 million mark.

Those willing to dive deeper into the matter and learn what Shibarium’s main purposes and specifics are could take a look at the video below:

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