TL;DR
- Analysts suggest a substantial surge for SHIB if the asset remains above a certain support line and buying pressure returns.
- On the other hand, Shibarium’s stalled progress and Shiba Inu’s declining burn rate indicate that the bearish mode may persist a bit longer.
The Potential Rally
The second-largest meme coin registered substantial gains on a couple of occasions during this bull run. Lately, though, its price has been underperforming and stands far below the peak levels. As of this writing, Shiba Inu (SHIB) is worth roughly $0.00001349, representing an 18% decrease on a monthly scale.
One person who touched upon the meme coin’s recent price fluctuations is the X user Ali Martinez. The analyst claimed that SHIB “is holding strong above the critical $0.000013 support,” predicting a possible 50% pump to $0.00020 “if buying pressure picks up.”
It is worth noting that several hours ago, the valuation briefly dropped below the depicted zone before rising again.
Another industry participant who made a bullish forecast is JAVON MARKS. Approximately a week ago, the X user maintained that SHIB keeps holding its breakout, which took place in late 2022 and early 2023.
“With this price breakout holding, the target for SHIB continues to be at the $0.000081,” they added. Such a price increase would mean a 500% explosion from the current levels.
The Bears Might Reign a Bit Longer
Contrary to the bullish predictions of some market observers, several vital factors signal that SHIB could be headed for a further downtrend in the short term.
An example is Shibarium’s stalled progress. While the layer-2 scaling solution was processing multi-million daily transactions at the start of the year, the figure has recently plummeted to 55,000.
This could indicate decreased network activity, reduced user engagement, and fading interest in the ecosystem.
Next on the list is Shiba Inu’s burning program, whose ultimate goal is to reduce the circulating supply of the meme coin and make it more valuable in time. Over the past seven days, the team and community have destroyed less than 90 million SHIB, meaning a 30% weekly decline.
The total number of tokens sent to a dead wallet since adopting the program stands at more than 410 trillion, leaving around 584.2 trillion in circulation (which remains quite significant).
Conclusion
The future of SHIB’s price movement is uncertain, with both bulls and bears presenting valid arguments. While some analysts predict a substantial surge, others believe the bearish mode may persist for a bit longer.
FAQs
Q: What is the current price of SHIB?
A: As of this writing, SHIB is worth roughly $0.00001349.
Q: What is Shibarium’s current progress?
A: Shibarium’s stalled progress is a concern, with a recent plunge in daily transaction volume.
Q: What is the goal of Shiba Inu’s burning program?
A: The program aims to reduce the circulating supply of SHIB and make it more valuable over time.
Q: What is the current state of the burning program?
A: The program has seen a significant decline in the past week, with less than 90 million SHIB destroyed.
Q: What is the total number of tokens sent to a dead wallet?
A: The total number of tokens sent to a dead wallet since adopting the program stands at more than 410 trillion.
