The recent surge in Shiba Inu burn rate, a staggering 5500% increase, has sent shockwaves through the crypto community. With a massive amount of SHIB tokens being permanently removed from circulation, there has been speculation about the potential impact on the price.
Different analysts are super bullish on the meme coin now. According to an analyst, the coin will likely surge about 350% or even higher in this bull run. Looking at Shiba Inu’s performance lately, can the price reach this level?
Data Shows Shiba Inu Burn Rate Skyrocket: Will Price Follow?
Shiba Inu (SHIB) has dramatically increased its burn rate. Over the past 24 hours, 24 million SHIB tokens have been burned, marking a staggering 241.86% surge.
Burning essentially removes coins from circulation by sending them to an inaccessible wallet. This process aims to make SHIB more scarce, similar to how limited-edition items become more valuable.
Usually, with fewer SHIB tokens available, the price of each remaining token could potentially increase. This surge in the burn rate has excited many SHIB holders. They believe it could trigger a “bullish” period, meaning the price could experience a significant rise.
SHIB to Hit $0.00011 Price Level, Analyst Predict
A crypto analyst named Crypto Dona thinks Shiba Inu (SHIB) has a good chance of reaching $0.00011.
i don’t see it going any higher than that 🤝 https://t.co/tz57OyvCL4 pic.twitter.com/P56SUZKMY6
— Dona.inj🥷 (@CryptoDona7) May 4, 2024
SHIB reaching this level will require an increase of 350% from its current rate of $0.0000233. This news is exciting for SHIB fans, meaning the coins could become more valuable.
However, Crypto Dona isn’t the only one that has a prediction. Other analysts like Javon Marks are even more optimistic, saying SHIB might reach $0.0001553. “I don’t see it going any higher than that,” Crypto Dona added.
Furthermore, some analysts, such as Armando Pantoja and Ali Martinez, are more optimistic about the coin.
Pantajo predicts the coin to hit a high of $0.001, while Martinez claims that SHIB could go as high as $0.011. These targets will need a significant surge of more than 4600%.
These high predictions make some SHIB holders dream of SHIB surpassing Dogecoin (DOGE) in value.
Shiba Inu (SHIB) Price Analysis: Is Now the Time to Buy?
The Shiba Inu (SHIB) coin was on a downward trajectory, approaching its support level at $0.00002056. However, recent developments within the SHIB ecosystem have led to a sudden reversal in price direction.
Currently, the coin is trading above the lower Bollinger Bands, indicating potential for further upward momentum. If SHIB manages to hold its position above the current level, it could soon cross above the 20-period simple moving average (SMA) line.
This would be a positive signal, suggesting a potential shift in trend from bearish to bullish. However, the Relative Strength Index (RSI) value, which currently stands at 41, must also be considered.
An RSI value below 50 indicates that the asset is oversold and may be poised for a price rebound. While this could be seen as a buying opportunity, caution is advised as the RSI alone does not guarantee a sustained upward trend.
Based on the current analysis, investors may consider entering a long position in SHIB, but closely monitoring the price action and volume is crucial. If SHIB breaks above the 20 SMA with increasing volume, it could start a new bullish trend.
However, if the price fails to hold above the lower Bollinger Bands and the RSI continues to decline, it may be wise to reevaluate the position.
Multi-Chain ShibaSwap Could Boost SHIB Price
There’s an exciting development within Shiba Inu that could boost its price. ShibaSwap, Shiba Inu’s own DEX, is getting a significant upgrade. According to the marketing lead, Lucie, it is moving beyond the Ethereum network and can now operate on the Shibarium, the Layer 2 blockchain.
This means users can use ShibaSwap on two different platforms, giving them more choices and potentially smoother trading.
ShibaSwap will still use Ethereum but also work on another chain, making it more versatile. This change could make ShibaSwap work better and cost less because it reduces gas fees.
Furthermore, this new move will help ShibaSwap work better using more than one blockchain network. This means trading will be smoother and faster.
According to a new edition of The Shib Magazine, integrating ShibaSwap into two major chains is a big step for the Shiba Inu ecosystem.
Will SHIB Price Go Up?
ShibaSwap’s move to multi-chain is a step forward for the Shiba Inu ecosystem. While this development is positive, it does not guarantee a price increase for SHIB.
However, it shows that the Shiba Inu team is actively working on improving the ecosystem, which could attract more users and investors in the long run. This, in turn, could lead to a higher SHIB price.
However, investors not entirely convinced by SHIB’s potential could consider exploring alternative coins with promising prospects. One such coin is Dogeverse, which has gained traction due to its features.
Last Chance to Buy 10X Multichain Meme Coin
Time is running out to buy Dogeverse before its presale ends. The $DOGEVERSE token has already raised over $13 million and is edging closer to its $17 million target.
Since the introduction of this project, it has been gaining significant attention from meme fans and crypto enthusiasts because of its ability to work on different blockchains.
Recently, it joined the Solana blockchain, home to a bustling digital economy. Currently, Dogeverse is selling out its initial token allocation quickly because of its high demand.
The coin is currently priced at $0.00031, but that could change once it hits exchanges. After the presale ends, the project aims to list on CoinGecko and CoinMarketCap.
With its multi-chain and staking features, the coin is set to shake the entire crypto market. Also, based on the current demand, it could even surge more than 10X when it becomes tradable on CEXs and DEXs. Visit its official site and start the buying process.
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