Bullish Shiba Inu (SHIB) Price Prediction: 50% Rally Incoming?

TL;DR

Analysts predict that SHIB could see significant gains if it breaks through key resistance, with a reduction in exchange supply supporting bullish forecasts. Shibarium’s progress could also fuel the next manifestation of the meme currency. SHIB Preparing for another bomb?

The cryptocurrency market saw a substantial correction in recent days, with leading assets like Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and more heading south.

The meme coin sector was not spared either, with Shiba Inu (SHIB) among the many tokens falling from their local peaks. The self-proclaimed killer Dogecoin is currently trading around $0.00002472 (according to CoinGecko data), which is still a solid 46% increase on a monthly basis.

SHIB Price, Source: CoinGecko

Some analysts believe the asset has yet to jump higher, assuming it breaks some major resistance levels. User X predicted a 50% bomb if SHIB goes 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,” the analyst added.

Charting Guy also chimed in, envisioning a massive price explosion to $0.00022 (an 800% increase from current levels). “Are the bags packed enough for something like this,” he asked.

Other analysts outlining bullish predictions for SHIB include Crypto King and Ali Martinez. The former believes that the meme coin could mimic the exponential rally of Dogecoin (DOGE).

For his part, Martinez noted that nearly 1.7 trillion SHIB tokens had been withdrawn from exchanges on a 24-hour scale at one point last week.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 increase, Shiba Inu increased in price by 62%,” he added.

According to CryptoQuant, the amount of SHIB held on exchanges has declined sharply over the past few months, reaching its lowest level in three years. The shift from centralized platforms to self-custody methods could be seen as a bullish sign as it reduces immediate selling pressure.

Shibarium might also help

An important factor that could contribute to a potential SHIB bull run is the subsequent advancement of Shiba Inu’s Layer 2 blockchain solution: Shibarium.

The protocol has been in the headlines lately, breaking numerous milestones. As reported by CryptoPotato, total transactions processed on the networks exceeded 500 million, while total blocks crossed 8 million.

Shibarium aims to boost the Shiba Inu ecosystem by lowering fees, increasing speed and improving scalability. Key updates in recent months include the adoption of a write-down mechanism to reduce the supply of SHIB and potentially increase its value.

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

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