Shiba Inu, the second largest meme coin by market cap, has gained by 2.84% in the last 24 hours to trade at $0.00002532. Beyond the general market uptrend, Shiba Inu enthusiasts have ample reasons to cheer as the token experiences significant developments and positive sentiment.
Shiba Inu Token Burn Surges By 4,000%
One of the most bullish factors driving Shiba Inu’s recent surge is the acceleration of its token burn rate. Over the past day, the burn rate skyrocketed by a staggering 4000%, eliminating 81 million SHIB tokens from circulation. This trend follows a pattern observed throughout April, during which 1.7 billion SHIB tokens were burned. The accelerated burn rate is particularly significant as it contributes to the token’s scarcity at a time when demand for cryptocurrencies is on the rise.
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Shiba Inu Layer 2 Network Gets Major Upgrade
Fueling investor optimism further is the ongoing development of Shibarium, Shiba Inu’s Layer 2 (L2) network. Shibarium distinguishes Shiba Inu from other meme coins by offering enhanced speed, scalability, and notably lower transaction costs for traders. Moreover, Shibarium’s compatibility with popular self-custody wallets such as MetaMask, Coinbase Wallet, and Trust Wallet enhances accessibility and usability, expanding Shiba Inu’s appeal to a broader audience.
I know the future, I know what’s coming for $SHIB …
I will not share this information, as I do not want to tarnish my $SHIB relationships.
However, I will tell you this:
I am accumulating $SHIB.
— Del Crxpto (@DelCrxpto) May 5, 2024
A significant milestone in the Shibarium journey occurred on May 2 with a hard fork aimed at improving user experience, empowering the developer community, and reducing block times. These developments position Shiba Inu as an undervalued cryptocurrency gem amidst the broader market resurgence.
Convergence of Positive Factors: A Key Growth Driver
The combination of an accelerated token burn rate and the evolution of Shibarium underscores Shiba Inu’s potential as a promising investment opportunity. As the cryptocurrency market regains momentum, Shiba Inu’s unique features and growing ecosystem contribute to its attractiveness among investors.
The section below analyzes the Shiba Inu price to determine how it could trade in the coming hours and days.
Shiba Inu Volatile, But Holding Steady Above Key Support Level
Shiba Inu has exhibited heightened volatility over the past hour yet remains resilient above the crucial intra-day support level of $0.00002455. This stability suggests prevailing bullish sentiment in the market. Should bullish momentum intensify throughout the day, attention will likely shift to the pivotal two-day resistance level at $0.00002578.
A successful breach of this resistance could propel SHIB towards the $0.00002735 mark within the day or over the week. However, a decline in buying volumes may prompt two potential scenarios. Firstly, Shiba Inu might enter a consolidation phase, fluctuating between the $0.00002578 resistance and the $0.00002455 support levels. Alternatively, if bears seize control and drive SHIB below the $0.00002455 support threshold, the token could experience a downturn, potentially reaching as low as $0.00002276.
Traders should monitor the $0.00002455 support and $0.00002578 support and resistance levels to gauge the short-term direction of Shiba Inu’s price action. A sustained upward break could signal further bullish momentum, while a failure to maintain support may indicate a shift toward a new short-term downtrend.
Shiba Inu Crypto Price Prediction
Despite the volatile nature of Shiba Inu, the odds are high that SHIB could be headed higher. One of the factors likely to keep Shiba Inu trending higher is the bullish momentum in the broader market. Bitcoin has been gaining upside momentum since yesterday. If it holds above $65k over the next 24 hours, it will uplift the wider market, including meme coins like Shiba Inu.
$SHIB
This is what it means to form a hammer candle pattern pic.twitter.com/aUYEOWdbjC— Digarch*shib | Shibarium is live (@Digarch) May 6, 2024
There is also the fact that Shiba Inu has big news about it. One is the recent developments around Shibarium, Shiba Inu’s layer-2 network. This is a big deal as it makes Shiba Inu more attractive to investors by making it easier for them to store their SHIB tokens on popular wallets like Trust Wallet.
Then there is the fact that Shiba Inu continues to experience aggressive token burns, with the last 24 hours recording a 4,000% surge in burns. This is a big deal as it plays into Shiba Inu tokenomics. With the rise of demand for SHIB and other cryptocurrencies, such burns could trigger a parabolic move for SHIB.
Related: Shiba Inu Price Prediction 2024 – 2040
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