Shiba Inu (SHIB)’s Popularity Rises to a Two-Year High
TL;DR
Shiba Inu’s price surged 250% in a month, spiking interest and search activity worldwide.
Analysts predict further rallies, while developments like the Shibarium blockchain solution and a significant increase in the token’s burn rate can contribute to the possible ascent.
The second-largest meme coin – Shiba Inu – has made serious waves in the past several weeks, with its price reminding its glory days and rising by 250% on a monthly scale (per CoinGecko’s data).
Unsurprisingly, the massive revival has caught the eye of the crypto community and investors. According to Google Trends, Shiba Inu’s popularity on the biggest search engine has spiked to levels unseen since December 2021.
The top countries interested in the asset are Singapore, the United States of America, the Netherlands, Canada, Belgium, and more.
Data shows that the most common SHIB-related phrases typed on Google include “Shiba Inu coin price,” Shiba Inu price prediction,” and “Shiba Inu coin news.”
Despite halting its pace in the past few days, the token might have more fuel for an additional rally in the near future. The X users Ali and JAKE agree with that thesis.
The former recently claimed that SHIB has formed “a symmetrical triangle on the 4-hour chart,” which, combined with “a sustained close above the $0.000038 resistance, could trigger a 40% bullish breakout.”
JAKE was even more bullish, predicting that the self-proclaimed Dogecoin-killer would become the largest meme coin in 2025. Currently, DOGE is number one with a market cap of $24 billion, while its rival comes second with $19 billion.
Another important consideration is the further development of the layer-2 blockchain solution Shibarium and the successful execution of the burning program.
As CryptoPotato reported last week, total transactions on the network surpassed the 400 million mark, while the burn rate exploded by 30,000%.
Those willing to learn how Shibarium can foster the advancement of the Shiba Inu ecosystem and its main purposes, feel free to watch our dedicated video below:
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Filed under: Bitcoin - @ March 14, 2024 9:08 am