3 Bullish Signs for Shiba Inu (SHIB) Price to Watch

TL;DR

• Exploding burn rates and a three-year low in publicly held supply signal continued growth potential for SHIB price.
• Analysts predict a 50% rise, or even a 760% rise if key levels are breached.

SHIB rally on the horizon?

Despite the sharp price fluctuations recorded over the past few days, the popular meme coin remains well in the green on a monthly scale. He Currently is trading at around $0.0000254 (according to CoinGecko data), representing a 40% increase for the above-mentioned period.

Some important factors suggest that the uptrend is far from being be on. The first is the resurgence of the Shiba Inu’s combustion mechanism. Data watch that the combustion rate has exploded by almost 5,000% in the last 24 hours, resulting in nearly 60 million tokens destroyed.

The ultimate goal of the program is to reduce the huge circulating supply of SHIB, which could make 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 declining supply of SHIB stored on exchanges. According to for CryptoQuant, the figure recently fell to a three-year low. This development could indicate a shift from centralized platforms towards self-custody methods and could be considered bullish because it reduces immediate selling pressure.

Finally, we will discuss the layer 2 scaling solution of Shiba Inu – Shibarium. The protocol has been in flux lately, hitting many milestones. As CryptoPotato reportedthe total transactions processed on the network exceeded 500 million, while the total blocks exceeded 8 million.

Shibarium aims to foster the development of the Shiba Inu ecosystem by reducing fees, increasing speed and improving scalability. Key updates over the last few months include adopt a burning mechanism similar to the original program.

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

SHIB Predictions

Some X users think that Shiba Inu has Indeed yet to reach impressive new heights. An analyst considered a 50% rally if the price exceeds $0.00002800.

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

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