The Wild Bet: Will Shiba Inu (SHIB) Price Rise to Astonishing Levels?
- PHPzOriginal
- 2024-09-18 18:24:18202browse
Despite being on a downfall since March this year, some analysts believe the valuation of Shiba Inu (SHIB) may rise to astonishing levels in the near future.
Shiba Inu (SHIB) might be preparing for a significant rally, according to some analysts, despite the cryptocurrency's continuous decline since March.
For instance, user pepa highlighted a triangular formation on the price chart, which could lead to a massive breakout if breached. The crypto enthusiast speculated that SHIB might erase two zeros from its price.
Currently, the meme coin trades at around $0.00001328 (according to CoinGecko), which is nearly identical to the level seen a week ago.
The projected rally to as high as $0.001328 would entail a remarkable 10,000% increase. To achieve that level, SHIB's market capitalization must surge to nearly $800 billion. At the time of writing, only Bitcoin (BTC) boasts a higher market cap.
Meanwhile, some on-chain metrics indicate that a SHIB rally might be on the horizon. According to CryptoQuant, Shiba Inu exchange outflows have largely exceeded inflows over the past seven days, suggesting a shift toward self-custody methods. This could be viewed as a bullish factor as it reduces the immediate selling pressure.
Another aspect to consider is the SHIB burning mechanism. Data shows that the burn rate has increased by 563% over the last week, with over 59 million tokens being sent to a null address.
The program aims to reduce the massive circulating supply of the meme coin, making it scarcer and potentially more valuable over time. The total burned tokens since the initiative's launch amount to over 410 trillion, leaving roughly 583 trillion SHIB in circulation.
On the other hand, one factor that could hinder SHIB's price from rising or even cause it to pull back is the stalled progress of Shibarium.
The layer-2 scaling solution entered the crypto scene with a bang last summer, handling millions of transactions on a 24-hour basis. However, recently, the daily transactions on the network have dropped to less than 5,000. For more updates on the ecosystem, check out our Shibarium news.
Some in the industry believe that the protocol's advancement could be beneficial for SHIB's price, suggesting that its stagnancy might have the opposite effect.
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