SHIB Eyes Another Price Explosion?
Market Trends and Analysis
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.
- 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 Price Action
The second-largest meme coin made the headlines towards the end of September when its price spiked substantially. Recall that SHIB reached a three-month high while its market capitalization briefly soared above $12.5 billion.
Contrary to the overall expectations of a further rally, October (commonly referred to as “Uptober” by the community) offered pain for the bulls. Shiba Inu was among the many cryptocurrencies heading south, erasing much of the gains recorded last month.
The enhanced volatility continued in the past 24 hours, with the token pumping by 4% amid a revival of the entire meme coin realm. One person who believes a bull run might be just starting is the popular X user Yoddha.
The analyst Yoddha thinks SHIB’s price pattern has formed a specific triangular shape, which could be followed by a 130% rally if broken to the upside.
Key Indicators
Some important indicators support that thesis. The Shiba Inu burn rate, for instance, has exploded by 550% on a daily scale, resulting in 5.1 million tokens sent to a null address.
The program’s ultimate goal is to reduce the tremendous circulating supply of SHIB, making it scarcer and potentially more valuable in time (assuming it is combined with a non-declining demand).
Large Transactions (a momentum oscillator that shows the number of transactions greater than $100,000) is up 8% in the last 24 hours, signaling increased whale activity.
How’s Shibarium Doing?
Another important element that could contribute to SHIB’s potential price increase is the further progress of the layer-2 scaling solution Shibarium.
Not long ago, the protocol’s processed blocks hit the 7 million milestone, while total transactions are inching toward 420 million. However, Shibarium has stalled its advancement recently, signaling lower network utilization.
Conclusion
In conclusion, SHIB is an attractive investment opportunity for cryptocurrency enthusiasts. With its low supply and high demand, the token has the potential to experience significant price appreciation.
FAQs
What is SHIB?
SHIB is the second-largest meme coin and a popular cryptocurrency.
What is Shibarium?
Shibarium is a layer-2 scaling solution designed to increase the efficiency and capacity of the SHIB network.
What are the key indicators supporting the thesis of a potential price rally?
The Shiba Inu burn rate, Large Transactions, and whale activity are key indicators supporting the thesis of a potential price rally.
What is the expected price rally?
The analyst Yoddha expects a potential 130% rally if key patterns are confirmed.
