3 bullish signs for Shiba Inu (SHIB) price to watch

TL;DR

Exploding burn rates and a three-year low in exchange supply indicate the potential for continued growth in SHIB’s price. Analysts are predicting a 50% increase or even a 760% increase if key levels are breached. SHIB Rally on the horizon?

Despite the sharp price swings recorded in recent days, the popular meme coin remains well in the green on a monthly basis. It is currently trading at around $0.0000254 (according to CoinGecko data), representing a 40% increase over the aforementioned period.

SHIB Price, Source: CoinGecko

Some important factors suggest that the bull run is far from over. The first is the resurgence of the Shiba Inu’s burning mechanism. The data shows that the burn rate has increased by almost 5,000% in the last 24 hours, resulting in almost 60 million tokens destroyed.

The ultimate goal of the program is to reduce the huge circulating supply of SHIB, potentially making it more valuable due to scarcity (assuming demand doesn’t head south). Over the years, the Shiba Inu team and community have burned over 410 trillion tokens, leaving approximately 589 trillion in circulation.

Next on the list is the dwindling supply of SHIB stored on exchanges. According to CryptoQuant, the number recently dropped to a three-year low. The development could signal a shift from centralized platforms to self-custody methods and could be considered bullish as it reduces immediate selling pressure.

Last but not least, we’ll talk about Shiba Inu’s layer 2 scaling solution: Shibarium. The protocol has recently been broken and has passed numerous milestones. As reported by CryptoPotato, total transactions processed on the network exceeded 500 million, while total blocks crossed 8 million.

Shibarium aims to foster the development of the Shiba Inu ecosystem by reducing fees, increasing speed and improving scalability. Key updates in recent months include the adoption of a recording mechanism similar to the original program.

For more updates on the ecosystem, be sure to check out our Shibarium News.

SHIB predictions

Some X users believe that the Shiba Inu has yet to reach new impressive heights. One analyst predicted a 50% increase if the price rises above $0.00002800.

“The current setup suggests a bullish continuation, so traders should watch for breakout confirmation while placing stop-losses below the support zone to manage risk. SHIB remains a key asset to control short-term growth,” they added.

Another, using the moniker Charting Guy, predicted a massive price explosion to $0.00022 (a 760% increase from current levels). “Are your bags packed enough for something like this,” he asked.

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