Shiba Inu is soaring up the 7-day, 14-day, and 30-day charts. Here are three signs that the SHIB price rally for the popular Ethereum ERC-20 meme coin continues.

But real quick first, here is the most recent update on SHIB price:

Shiba Inu Support Building аt $0.00001075

The Shiba Inu token has bounced along a sideways channel with support at the $0.00001075 level since Friday, Dec. 22. During that time, SHIB charted highs with resistance around the $0.00001100 level.

Meanwhile, the meme coin surged to $0.00001125 briefly amid high trading volume on Saturday, Dec. 23, according to CoinGecko data.

On the 14-day chart, SHIB’s price gained 11.9% in crypto exchange value from $0.00000965 on Tuesday, Dec. 12, to $0.00001080 on Tuesday, Dec. 26.

With the average Shiba Inu trade moving SHIB tokens for $0.00000727 90 days ago, the meme coin has gained 48.55% against the US dollar on the three-month window.

SHIB Price Prediction: Long-Term Rally Indicators

Crypto insights and analytics firm Telegaon has an incredibly bullish maximum price target of $0.0000571 for Shiba Inu in 2024. In December, the source of the prediction has a minimum price scenario for 2024 of $0.0000121. That’s also very bullish for SHIB’s price next year.

Here are three signs it could happen:

1. Shiba Inu’s balance on exchanges has been falling since November.

Total Shiba Inu balance on exchanges, the total amount of SHIB in known wallets held by centralized crypto exchanges, has declined markedly since November.

#ShibaInu | Since November, there’s been a massive withdrawal of over 8 trillion $SHIB from known #crypto exchange wallets – that’s valued at approximately $88 million! pic.twitter.com/RLFA8N0dLI

— Ali (@ali_charts) December 24, 2023

In fact, SHIB on crypto exchange wallets declined by around 8 trillion tokens worth some $88 million over that time, according to data from Swiss blockchain scanner Glassnode.

That signals the intent by owners to hold their tokens for the foreseeable future rather than sell them. As a result, market supply is more scarce, and remaining tokens may command a premium to buy.

Surging burn rates are also supporting the SHIB price in December.

2. Shiba Ina’s Layer-2 ecosystem surged in transaction volume on Christmas Eve.

Moreover, Shibarium reached a milestone of 180 million total transactions processed after a surge of 7.82 million transactions on Christmas Eve, according to Blockscout data from ShibariumScan.

After rising to prominence as a cute and funny meme coin, Shiba Inu has taken its runaway success seriously with Shibarium. The Ethereum Layer-2 DeFi network aims to improve scalability and fees on its parent blockchain by handling transactions and computations on a second layer.

3. Shibarium recently crossed a milestone of $1 million in TVL on Dec. 22.

As transactions on the network surged a couple of days before Christmas, many of them were to lock in tokens to provide liquidity in exchange for Shibarium rewards.

Shibarium Total Value Locked (TVL), the measure of all staked tokens multiplied by the going market exchange rate for Shiba Inu, reached a 16-week high of $1.13 million on Dec. 22, according to data from DefiLlama. The only remaining question is whether the SHIB price will flip DOGE in 2024.

The post 3 Indicators Shiba Inu (SHIB) Price Is Set to Rally appeared first on CryptoPotato.

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Filed under: Bitcoin - @ December 27, 2023 4:20 pm