Shiba Inu (SHIB) Predicted to Reach 8-Month High
The popular cryptocurrency trader known as $SHIB KNIGHT believes that the price of Shiba Inu (SHIB) could soon reach an 8-month high of around $0.0003. They base this prediction on the assumption that the current valuation of the memecoin has hit bottom and is due for an upward trend.
$SHIB hold this support line all the time. This should be the bottom.
Chart is squeezing, accumulation coming to an end. Let’s see. pic.twitter.com/q8q1ZeZo9Y
— $SHIB KNIGHT (@army_shiba) October 4, 2023
$SHIB KNIGHT is not the only one who predicts a price rally for SHIB. Shibarium’s Marketing Strategist, LUCIE, stated last month that the asset could enter a bull run because it represents “goodness” that ultimately prevails. They also emphasized that SHIB is fully decentralized and represents the people.
Factors for SHIB’s Potential Rise
Experts believe that several factors could contribute to a potential price increase for Shiba Inu. These include mass adoption, the successful execution of the token burning program, and the further development of Shibarium, a layer-2 scaling solution.
In September, over 2.3 billion SHIB tokens were destroyed as part of the burning program. The previous month, 5.7 billion tokens were sent to an inaccessible address, making the burning process even more successful.
Shibarium has been making progress since its launch in August. It aims to improve speed and lower transaction fees for Shiba Inu compared to its competitors. The network has already surpassed three million transactions and has over 1.25 million wallet addresses.
Hot Take: SHIB’s Potential Rebound
With the predictions from $SHIB KNIGHT and Shibarium’s LUCIE, it seems that Shiba Inu (SHIB) may be on the verge of a rebound. If the memecoin can gain mass adoption, continue with its token burning program, and make advancements in Shibarium, it has the potential to reach new heights in terms of price and popularity.
Only time will tell if these predictions come true, but for now, SHIB holders have reason to be optimistic about the future.
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