Shiba Inu Continues to Rally: Three Signs of Price Surge
Shiba Inu is experiencing a significant surge in price across the 7-day, 14-day, and 30-day charts. Here are three indicators that suggest the rally for this popular Ethereum ERC-20 meme coin will continue.
Shiba Inu Finds Support at $0.00001075
Since December 22nd, the Shiba Inu token has been trading within a sideways channel with support at the $0.00001075 level. During this time, it reached highs with resistance around $0.00001100. On December 23rd, the meme coin briefly surged to $0.00001125 with high trading volume.
Over the past 14 days, SHIB’s price has increased by 11.9%, going from $0.00000965 on December 12th to $0.00001080 on December 26th. This represents a gain of 48.55% against the US dollar over the past three months.
Long-Term Rally Indicators for SHIB Price
Telegaon, a crypto insights and analytics firm, has set a maximum price target of $0.0000571 for Shiba Inu in 2024, indicating a highly bullish outlook. Additionally, they have a minimum price scenario of $0.0000121 for 2024.
Indicator #1: Decrease in Shiba Inu Balance on Exchanges
The total amount of SHIB held by centralized crypto exchanges has significantly declined since November. This withdrawal amounts to over 8 trillion SHIB tokens worth approximately $88 million.
Indicator #2: Surge in Transaction Volume on Shibarium
Shibarium, the Layer-2 ecosystem for Shiba Inu, experienced a surge in transaction volume on Christmas Eve, reaching a milestone of 180 million total transactions processed. This Ethereum Layer-2 DeFi network aims to enhance scalability and reduce fees by handling transactions on a second layer.
Indicator #3: Shibarium’s Total Value Locked Reaches $1 Million
Shibarium’s Total Value Locked (TVL) reached a 16-week high of $1.13 million on December 22nd. As more tokens were locked in exchange for Shibarium rewards, the network saw increased activity.
Hot Take: Shiba Inu’s Promising Future
Based on these indicators, it is evident that Shiba Inu has strong potential for future growth. The decrease in exchange balance, the surge in transaction volume on Shibarium, and the increase in TVL all point to a positive outlook for SHIB’s price. With a bullish price target set by Telegaon and the ongoing support from the community, Shiba Inu could continue its rally and potentially even surpass Dogecoin in 2024.
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