Shiba Inu (SHIB) Potential Uptrend
If you’re a fan of memecoins, you’ve likely been following Shiba Inu (SHIB) and its recent price movements. While it’s currently below its all-time high from 2021, analysts believe that SHIB has the potential for an uptrend in the near future.
Digital Coin Price conducted research suggesting that SHIB could surge by over 220% by the end of 2025. Technical indicators also point to a bullish sentiment, with SHIB trading below the 200 simple moving average for the last 326 days and below the 50-day simple moving average (SMA).
SHIB Burning Program Impact
One of the factors contributing to the anticipation of a SHIB price increase is its aggressive asset burning strategy. The burn rate has increased by over 1,300% in the past 24 hours, and nearly 1.5 billion assets were removed from circulation in October.
Shibariumβs Positive Influence
Another positive factor for SHIBβs value is the development and growing activity on Shibarium, SHIBβs layer-2 blockchain solution. With over 1.5 million blocks and nearing 4 million transactions, Shibarium’s progress is seen as a catalyst for potential price surges.
How High Can SHIB Spike?
One of the trendiest memecoins β Shiba Inu (SHIB) β has gathered much investor attention over the past few years due to its rapid price appreciation and enhanced volatility. And while the assetβs valuation is currently far from the all-time high registered in 2021, some analysts and experts believe an uptrend could still be on the cards.
The cryptocurrency platform Digital Coin Price conducted research, according to which SHIB could explodeΒ by over 220% by the end of 2025. It also argued that certain technical metrics indicate that the asset is currently in a bullish mode:
βAll technical indicators indicate that the current sentiment is Bullish, while the Fear & Greed Index is reading 46.40, which means extreme fear. Our Shiba Inu forecast: itβs good to Buy Shiba Inu right now.β
In addition, the entity claimed that SHIB has been trading below the 200 simple moving average for the last 326 days and below the 50-day simple moving average (SMA). Those were also pinpointed as bullish elements that could play a role in the memecoinβs potential price surge.
Shiba Inu Keeps Burning Assets
Two other vital factors that might propel a SHIB rally are the successful execution of the memecoinβs burning program and the development of the layer-2 blockchain solution Shibarium.
As CryptoPotato recentlyΒ reported, the burn rate has skyrocketed by over 1,300% for the past 24 hours, while in October, almost 1.5 billion assets wereΒ removedΒ from circulation.
Speaking of Shibarium, it is worth noting its progress made in the past couple of months. The number of total blocks on the networkΒ surpassedΒ 1.5 million, while total transactions are inching toward 4 million. Those curious to find out more about Shibariumβs purposes and specifics could take a look at this video:
Hot Take: Potential Gains Ahead for SHIB
TL;DR
- SHIBβs Price Outlook: Shiba Inu (SHIB) has potential for an uptrend, with predictions of a 220% rise by 2025 based on bullish technical indicators and its current position below important moving averages.
- Burning Program Impact: SHIBβs aggressive asset burning strategy, marked by a 1,300% increase in burn rate recently, is possibly contributing to anticipation of a price increase.
- Shibariumβs Influence: The development and growing activity on Shibarium, SHIBβs layer-2 blockchain solution, with over 1.5 million blocks and nearing 4 million transactions, is also seen as a positive factor for SHIBβs value.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content. Owen’s contributions serve as a valuable guide for both seasoned enthusiasts and newcomers, aiding them in navigating the dynamic world of cryptocurrencies with well-researched perspectives. With a meticulous commitment to precision, he empowers informed decision-making in the ever-evolving crypto domain.
