The best Shiba Inu (SHIB) price predictions from the last time

TL;DR

Analysts predict a strong rally for Shiba Inu (SHIB), supported by recent developments at resistance levels. The rapid development of Shibarium can also be seen as a bullish element. The calm before the storm?

Shiba Inu (SHIB) made headlines in mid-November when its price hit a seven-month high, while its market capitalization topped $17 billion. Although it has lost some steam since then, the popular meme currency remains green on a monthly basis and the subject of bullish forecasts.

SHIB Price, Source: CoinGecko

X-user Crypto King noted the strong performance of Dogecoin (DOGE) recently, surmising that its main rival was “following next”. Remember that the largest meme coin experienced a 215% price increase in the last 30 days.

Not long ago, Ali Martinez also made a bullish prediction. It suggested that SHIB’s valuation could rise by double digits if it breaks through the $0.000025 resistance. Hours later, the meme coin crossed the represented mark and is currently well above it.

Martinez further claimed that nearly 1.7 trillion SHIB tokens had been withdrawn from exchanges on a 24-hour scale at one point last week.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 supply of SHIB stored on exchanges has seen a significant drop in recent months. The figures show the figure has fallen to a three-year low.

The shift from centralized platforms to self-custody methods could be interpreted as a bullish sign, as it reduces immediate selling pressure.

The progress of Shibarium

Another factor that points to Shiba Inu’s potential rally in the near future is the advancement of its layer 2 scaling solution: Shibarium.

More recently, it passed another major milestone, with the number of blocks processed surpassing 8 million. Before that, total transactions exceeded 400 million.

Shibarium is specifically designed to foster the development of the Shiba Inu ecosystem by reducing transaction fees, improving speed and improving scalability. It underwent some key developments during its relatively short existence of just over a year. For example, it adopted a combustion mechanism whose ultimate goal is to reduce the huge circulating supply of SHIB, potentially making it more valuable.

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

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