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SHIB Gearing up for Another Pump?
TL;DR
- Analysts predict SHIB could see significant gains if it breaks key resistance, with reduced exchange supply supporting the bullish forecasts.
- Shibarium’s progress could also drive the meme coin’s next rally.
SHIB’s Current State
The cryptocurrency market experienced a substantial correction in the past few days, with leading assets like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and more heading south. The meme coin sector, too, was not spared, and Shiba Inu (SHIB) is among the numerous tokens plunging from their local peaks. Currently, the self-proclaimed Dogecoin killer trades at around $0.00002472 (per CoinGecko’s data), which still represents a solid 46% increase on a monthly scale.
Analysts’ Predictions
Some analysts believe the asset has yet to jump high, assuming it exceeds some important resistance levels. One X user predicted a 50% pump if SHIB rises above $0.00002800. Charting Guy also weighed in, envisioning a massive price explosion to as high as $0.00022 (an 800% rise from current levels). "Are your bags packed enough for something like this," he asked.
Bullish Forecasts
Other analysts outlining bullish SHIB predictions include Crypto King and Ali Martinez. The former thinks the meme coin could mimic Dogecoin’s (DOGE) exponential rally. For his part, Martinez noted that almost 1.7 trillion SHIB tokens had been withdrawn from exchanges on a 24-hour scale at one point last week. "The last time we saw a similar spike, Shiba Inu surged 62% in price," he added.
Shibarium’s Impact
One major factor that could contribute to a possible SHIB bull run is the further advancement of Shiba Inu’s layer-2 blockchain solution – Shibarium. The protocol has been making the headlines lately, blasting through numerous milestones. As CryptoPotato reported, the total transactions processed on the networks exceeded 500 million, while total blocks crossed 8 million.
Conclusion
In conclusion, SHIB appears to be gearing up for another pump, with reduced exchange supply supporting the bullish forecasts. The Shibarium’s progress could also drive the meme coin’s next rally. As analysts predict, SHIB may break key resistance levels, leading to significant gains. It’s essential for traders to watch for confirmation of the breakout while placing stop-losses below the support zone to manage risk.
FAQs
Q: What is Shibarium?
A: Shibarium is a layer-2 blockchain solution developed by the Shiba Inu team, aiming to boost the Shiba Inu ecosystem by lowering fees, increasing speed, and improving scalability.
Q: What are the benefits of Shibarium?
A: Shibarium’s key updates include adopting a burn mechanism to reduce SHIB’s supply and potentially increase its value.
Q: What is the current price of SHIB?
A: As of now, SHIB trades at around $0.00002472 (per CoinGecko’s data), representing a 46% increase on a monthly scale.
Q: What are the analysts’ predictions for SHIB?
A: Some analysts predict a 50% pump if SHIB rises above $0.00002800, while others envision a massive price explosion to as high as $0.00022 (an 800% rise from current levels).
